Basics steps you may want to consider while in trainsition between jobs.
What to Do When You Lose Your Job? There are several things that you will want to address immediately:
File for unemployment benefits as soon as possible as it may take some time for the benefits to begin;
Keep current with your health insurance. Money may be tight, but there are ways to keep you and your family insured;
Review your budget and cut unnecessary expenses to boost savings and pay off any outstanding debt.
From an investment perspective, we will need to monitor the allocation of your holdings, specifically in after-tax accounts, but also in your IRA, company retirement plan or any account where there is a possibility that you will tap into those investments for living expenses.
Reducing the potential for volatility in accounts that you may utilize for supplementing your income is important. A more conservative allocation of your portfolio may be prudent during this time of unemployment. You may also want to consider rolling over your previous company retirement plan into an IRA. There are several potential benefits of doing this and our financial consultants can review and discuss the options that you have going forward.
While losing your job is a very difficult time, being proactive once it happens can make a big difference in your financial outcome. We are here to help you understand and discuss your options with you.
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