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

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Most workers would feel good when they're just a year away from achieving a long-awaited goal like retirement. But with today's volatile job market, some people's careers are tripping at the finish line.

Take the case of Brian. He was fired at the age of 69, just one year before he was set to retire. According to a survey by the Transamerica Center for Retirement Studies [1], nearly six-in-10 retirees (58%) retired sooner than planned. Among this group, 43% cited employment reasons such as job loss (16%), organizational changes (16%), job unhappiness (14%) and retirement buyout (9%).

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Though he has ample savings, Brian is unsure what his termination means for his 401(k) and whether he should start collecting Social Security right away. Should he work with an employment lawyer to try to get a larger severance payout?

With so many questions, on top of the shock of being let go, his head is swimming.