You’ve Lost Your Job… Now What?
13 Jan 2015
Losing your job can be a very traumatic time. While you should start looking for a new job as soon as possible, it may take you time to find what’s next. Here are a few things to consider during this transitional period of your life:
- File for unemployment: Every state has different features so be sure you research your state. Even though you may have some guilt taking a “handout”, remember you’ve been paying into the system for exactly this reason.
- Know your health insurance options: You will need to find out how long your former employer will cover you, if at all. You may need to buy an individual policy or go on your spouse’s plan. COBRA may be an option, but it can be expensive.
- Look into different options for your 401k: You can always leave your money with your old employer but you may also want to look at a self-directed IRA rollover. Consult your financial professional to discuss an option that best fits your new situation.
- A new career in the making? Maybe this is a great opportunity to take a shot at the career you’ve always wanted. There are plenty of coaching programs available to help you with considering following your true passion.
- Take a “mini-retirement”: If you have the resources this is a great time to enjoy some downtime. A “mini-retirement” may be just what you need to spend time with family, work on community activities or just relax.
Jeffrey A. Johnston, ChFC
President of Premier Investments of Iowa, Inc.
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Premier Investments of Iowa, Inc. are not affiliated.