Part 2: Boss money moves for laid off folks

I covered a lot of ground the last time I posted:

● The five-step plan you need if you ever get laid off (if you missed it, check your inbox or drop me a line, and I’ll send it your way).

The TL;DR version is this: keep you cool, feel your feelings, protect your money, take job hunting seriously, and leverage your network.

I’m a financial advisor – I’d be remiss if I didn’t hone in on how you can protect yourself financially if your position ever gets the axe. Let’s dig right in so you can manage your money like a boss:

Get to the unemployment insurance office. Your claim can take weeks to process, so don’t sit on this. Head here to get direct info from the Department of Labor’s website on how to apply (you can likely apply online, so you don’t even have to face anyone to do it if your pride’s getting the best of you).

Sort out your health insurance. Your severance package may include health insurance for a time after you leave, so ensure that you speak with someone in HR if there’s something you don’t understand about yours. You should also plan to get new coverage when yours ends.

Safeguard your retirement savings. What to do with that 401(k)? You have options! You might be able to roll it into an IRA, which allows continued savings and potential penalty-free withdrawals for first-home purchases or higher-education expenses. You might be able to leave your plan with your former employer or roll your old plan into your employer’s plan. Doing the research here is critical.

You have so many options here, and that’s why having an expert like a financial advisor on your side can help you make those boss money moves now and keep that hard-earned cash where it belongs – in your hands.

To talk about how you can get a plan that helps cover you in case of life’s unexpected snags, book a 15-minute consultation in my calendar. Call 330-836-7800 to get started today. Or >>schedule a call on my calendar here.<<