One of the ugliest
features of the Great Recession and its dreary aftermath has been the high rate
of long-term unemployment, which the Labor Department defines as being jobless
for 27 weeks or longer. About 1.4
million people altogether were long-termers as of January 2014.
Today, the economy is
improving and the jobless rate is falling, but that leaves lots of newly
employed Americans picking up the pieces of their financial lives thrown off
the rails by the recession.
What if you're 50? You don't have as much time to make up for
lost earnings and forfeited retirement contributions. But there are steps you
can take to get your retirement plans, and your finances in general, back on
track.
- Celebrate (in moderation).
- Assess the damage and set a new budget.
- Start saving and tackle debt.
- Get a checkup.
- Catch up on retirement.
- Plan on it happening again.
For the details of these
steps see the complete article here.
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