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.

Good luck!

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.

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Jeffrey Johnston

Jeffrey is originally from Solon, Iowa. He currently resides in Swisher, Iowa with his wife, Prudence, and his three children, Seth, Ian, and Roman. He graduated from the University of Northern Iowa in 1989, where he majored in Finance and Investments. He has 24 years of experience in the investment and estate planning business. He is currently the President of “Premier Investments of Iowa, Inc.” Jeffrey’s main focus is Estate and Investment Planning for Senior Citizens and Pre Retirees. Jeffrey became a Chartered Financial Consultant (ChFC) in 2001. He is the author of many articles on industry related topics and he is a frequent seminar presenter. He is a Board Member TRIAD Linn County Seniors Against Crime, and he is also a past Board Member of the Heritage Area Agency on Aging Task Force. He is a member of CEO Roundtable in Cedar Rapids, a Daybreak Rotary Member, and a member of the Cedar Rapids Estate Planning Council. In March of 2009, Jeffrey became the host of the Premier Investments of Iowa Financial Hour which airs every Tuesday Evening from 6PM -7PM, on WMT 600 AM Radio. In his free time he enjoys golf, fishing, scuba diving, traveling, and coaching son’s basketball teams.