Early retirement does not have to mean full retirement.

People are not always able to retire when they planned.

Sometimes life has a way of throwing us curves.

Whether a business downsizing or a serious illness forces early retirement, people may need to be creative when it comes to funding their golden years.

According to a recent USA Today article titled “Forced to retire early? 3 things you can do to put off filing for Social Security,” several options exist to help people delay taking Social Security prior to full retirement age.

Some people who have entered early retirement will need to find another job.

What are some of these suggestions?

Pursue a part-time job.

Those who were forced into early retirement after an illness or injury may have mental or physical limitations.

These limitations may hinder their ability to work full time.

Even so, a part time job with less stress may prove doable.

Many employers are look to hire for a variety of jobs.

With the rise in remote work, you may be able to find a position where you can work from home.

This would be a good option for those with limited mobility.

Although your new job may not pay as well as your previous employment, you can make a budget to help stretch your income and allow you to delay taking Social Security benefits.

Revise your spending significantly.

To help your money last after early retirement, a budget is key.

Review your liquid assets and cash flow.

Do you need the size of home you currently own?

Is more than one car necessary?

If the answer is “no” to each of these questions, you may consider selling one or both of these assets and downsize to a smaller home or one vehicle to "find" more available cash.

Additionally, you should review how you spend your money each week.

If you eat out at restaurants, you can learn to cook and make great meals at home on a budget.

Are you subscribed to several streaming services?

Try cutting one or more of these.

Consider "renting" DVDs from your local library.

Some expenditures like Medicare cannot be reduced.

Even so, making small adjustments to your spending can help you minimize your withdrawals from your retirement accounts.

Monetize your home.

People are often unsure of how to get income from their house.

One option is to utilize a reverse mortgage.

Although different from thirty years ago, you may be able to use your home equity to help delay taking Social Security benefits in early retirement.

Another option is to rent to a roommate.

Doing so can help with bills and possibly provide good company.

You will want to be selective to ensure the renter would be a good roommate.

It is much easier to vett a potential renter upfront than to kick them out after the fact!

If you have a fenced in backyard, you may also be able to rent space to dog owners who need space for their pets to play or stay for a couple of hours.

While early retirement can trigger financial stress, there are actions you can take to make this life transition less overwhelming.

Reference: USA Today (June 26, 2022) “Forced to retire early? 3 things you can do to put off filing for Social Security”