I was fired from my job just 1 year before I was set to retire at 70. What happens to my retirement plan now?

Brian, a 69-year-old worker, was unexpectedly fired just one year before his planned retirement at age 70. According to a survey by the Transamerica Center for Retirement Studies, 58% of retirees retire sooner than planned, often due to job loss or dissatisfaction. With over a million dollars in savings, Brian must navigate his termination and its impact on his 401(k) and potential early Social Security benefits.

While he can access his 401(k) and roll it into an IRA or take a lump sum, he should consider taxes and fees. Brian can start receiving Social Security but would receive more if he waits until age 70. As he transitions out of his job, he can continue building his investments through Acorns, even if primarily spending rather than saving.