It’s possibly the last thing you were expecting at this stage in life, but a layoff has left you without a job as you close in your retirement years. So now what?

These should be some of your first steps if you unexpectedly lose your job at 60.

Take a hard look at your financial situation

One of the most important things you can do is to examine your finances. Hopefully, you’ve got about six months’ worth of living expenses set aside in an emergency fund to help give you some breathing room. Things change throughout our lives, so it’s a good idea to take a peek at what your expenses are at the moment. They may have changed since setting up your savings account, meaning you may have more or less set aside than you need.

Create a new budget

You’ll also want to look at places you can cut back spending, such as extensive cable packages, your cell phone bill, as well as miscellaneous spending on dinners out and shopping purchases. The more you can save, the better off you’ll be while figuring out your next steps. Making what you have now last longer will help give you more time to figure out what you want.

Evaluate your career goals

You may find that your old job wasn’t fulfilling anymore or that you’d rather work on your own terms than find another job in your previous field. By this point in your career, you may be experienced enough to set out as a consultant, which offers you the flexibility to work when you want, with whom you want.

But perhaps you find that getting back into your previous field isn’t all that appealing. Well, you wouldn’t be alone. According a 2009 AARP study, nearly a third of people between the ages of 65 and 69 who change jobs move into new industries. If you have a passion you’ve always dreamed about turning into a profession, this may be the best time to give it a shot.

Reconsider your retirement age

Naturally, losing your job also means losing your paychecks—paychecks that not only provide for your daily life now, but that likely were building your retirement fund as well. According to a study from the Urban Institute, the median income for men over the age of 62 who are reemployed after a job loss drops up to 36 percent from their previous income. A smaller paycheck could result in putting off your retirement plans for a few years to make sure you’re in the best financial position possible when you leave the working world for good.

If you’re still employed, make sure you have a contingency plan and enough savings to get you through if you were ever to lose your job. And if that feels impossible or like too big of a job to tackle on your own, a financial planner can help you figure out what to save and how best to do it so you can confidence about your financial future.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This article was originally published on 10/15/17 in the Brainerd Dispatch.