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Unemployed Over 50: Why You Need To Plan For Retirement NOW

Updated on: September 20, 2010 / 4:59 PM EDT / MoneyWatch

The headline on today's front page of The New York Times read "For the Unemployed Over 50, Fears of Never Working Again". The article was replete with depressing stats, like:

>55 unemployed: 2.2 million
> 55 unemployment rate = 7.3% (more than double from the beginning of the recession)

My guess is that if these people are anything like most Americans, they had planned to work well into their sixties. But as I used to warn my clients who espoused the "I'll just keep working forever" retirement plan, sometimes life doesn't hand you that opportunity.

But if you're lucky enough to be in the position to retire, like this lovely tennis fan, then here's what you need to do: