What Issues Should I Consider If I Lose My Job?
Losing your job is scary, especially if the economy is bad. While you may not be out of work for long, here are some tips to consider that will help tie you over until you get settled in your new job.
Are You Still Employed But Will Lose Your Job Soon?
If you are still employed but know you will be lose your job in the coming weeks or months, try to increase your emergency fund reserves. Also check with HR if you are eligible for any severance pay, or unused sick days or vacation days.
Will You Lose Your Health Insurance?
If you still have your job, make sure to get all of your check-ups and any medical procedures and prescriptions you need. If you need health insurance in the interim before your next job, check if you are available for COBRA.
Do You Have a 401(k) or Roth IRA?
Most retirement plans, including 401(k)’s, allow loans from your plan during times of hardship. Remember, you will have to pay it back, but it may get you through to your next job. Roth IRA’s also allow hardship distributions which are not required to be paid back into.
View Our Checklist
To see our full checklist of important issues to consider, click here.
Schedule Your Free Consultation!
If you would like to schedule a call to talk about financial planning or investment strategies, please give us a call at 303-440-2906 or click here to schedule a time to speak with us.
Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.
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