Tara S. Bernard explains in a New York Times article what to do if you
lose your job. Following is a brief summary; check out the full article at: http://www.nytimes.com/2015/02/28/your-money/making-financial-decisions-when-you-lose-your-job.html
Initial
Analysis. If you are being laid off (or
contemplating a sweetened package encouraging you to leave), the most pressing
issues are obviously income-related: Does any extra money let you retire a few
years ahead of schedule, perhaps with some part-time work? Or does it offer
enough so you have a cushion until you find your next job? How much income do
you need to live right now? And how long can you go, given your severance?
See article for details on these
topics: Maximize Tax Savings, Severance, Pensions, 401(K), Unemployment…
Health
Insurance: state and federal health
insurance exchanges may offer less expensive
options than Cobra.
GET HELP If there were ever a time to seek professional help — an accountant, an unbiased financial planner or both —
this is it. This is doubly true for people for whom retirement is on the
horizon. Work only with planners who charge for their advice and who are legally required to put your interests first. Mistakes can be costly — and
permanent — particularly if you end up working with professionals who invest
your money in products, like fixed indexed annuities, that offer them lucrative commissions or kickbacks at your
expense.
I have been trying to help my sister because she has lost her job and it really affected her motivation and life goals. I want to set her up with a financial planner so that she can get a few things straightened out and in order. Hopefully we will be able to get her back on track and get her set financially. I really hope that she can get another job soon as well.
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