It’s not always possible to time the exact moment you’ll be able to retire. Financial advisors surveyed by financial services firm Edward Jones for a July 2023 survey reported that 40% of their retiree clients were forced into retirement.

What should you do if the timing for your retirement turns out to be an unexpected challenge? GOBankingRates spoke to Mark Henry, founder and CEO of Alloy Wealth Management, and Darren L. Colananni, CFP and wealth management advisor at Centurion Wealth, about the next best steps to take if you find yourself in this situation.

According to these experts, you should make these six money moves if you find yourself forced into retirement.

Call Your Financial Advisor

If you were forced into retirement, it’s best to speak with a financial advisor as soon as possible. “They’ll help you understand what kind of financial position you are in based on how much you have in both general savings and retirement funds, and create a plan going forward,” said Henry.

Colananni also recommends giving yourself some time to think about what just happened. Some may need a day, or a little longer, to process before they start to take action.

Once you’ve taken some time to think, Colananni said you can reach out to your financial advisor or a CFP to review your financial plan and budget together. Of course, if you don’t already have a budget, now is the time to make one to start tracking your spending and looking into expenses you can easily cut.

Rebalance Your Portfolio

Aside from creating a financial plan of attack with your advisor, Henry said they should also help you rebalance your portfolio. This will help assure it is diverse and set up for tax advantages. Reducing risk is also of critical importance.

“Before you had all the time in the world for the market to bounce back, all while adding to your accounts with the markets down. If the market drops now and your portfolio sustains heavy losses on top of you taking monthly income, then your portfolio might not recover and you could possibly outlive your money,” said Colananni.

Review Your Health Insurance

After updating your financial plan and budget, Colananni recommends reviewing your health insurance. “Chances are you might have COBRA available to you,” said Colananni.

Other options you can review may include getting on a spouse’s health insurance plan if they are still working or signing up for Medicare if you are age 65 and older.

Look for Part-Time Work

Explore your options for working part-time job or a side gig to earn extra money. Henry said this can help make early retirement more practical and prevent you from having to tap into your savings immediately. In some cases, it may even provide health insurance.

Consider Collecting Social Security

If you’re over age 62 and need money, Henry said to consider collecting Social Security now. “It may not be as much as you were making before, but at least it’s some money coming in to supplement the income you just lost.”

Convert Your Retirement Funds Into a Pension

Those who have been saving diligently in a retirement account may consider converting a portion of this money to a pension. Even if your savings runs out, Henry said this conversion will continue to provide a monthly income for the rest of your life. Be sure to consult with a trusted financial advisor about how to do this before exploring this option.