Job transitions usually go one of two ways.  You accept a new job, or your forced to leave your old one. 

Few life events are more stressful than a job loss.

Few life events are more stressful than a job loss.

What to do if you get laid off or furloughed?

  • The first thing you need to do is file for unemployment.  It varies state by state but you should start this process ASAP.  
  • Then you need to figure out your health insurance situation.  Take a look at the COBRA program to extend your current health insurance.  You'll have to pay the premiums out of pocket but you will still get to keep your plan.  Or take a look at some of the options under the affordable care act, you can find these at healthcare.gov.  If you just lost your job then this could be a better option.
  • Then you should probably take a few moments and gather yourself and your thoughts.  This can be a stressful time and you want to be thinking clearly.
  • If you are having trouble finding work, start researching what industries are hiring.
  • I'd create a profile on linkedin, and post that you are looking for a job.  There are also other resources online to get your profile and resume out there as well.
  • Maybe the most important, take care of yourself during this time.  Use the downtime to your advantage.  You could exercise, read up on things, and learn a new skill.
Download Our "What to if you get laid off" Guide
Evaluating a new job opportunity.

Evaluating a new job opportunity.

You need to take all factors into consideration when evaluating a job opportunity. 

  • Not just your salary.  Need to factor in your employee benefits.
  • If you would have to move, factor in the new cost of living.  
  • Evaluate other factors such as stress of the new job and if you will have to work longer hours.

Having a higher salary doesn't always mean you will be better of.

Going through the benefits provided by your employer can be a lot.  Schedule a time to talk to one of our advisors to do a  Employee Benefits Deep Dive to make sure you are getting the most out of them.

Schedule Benefits Deep Dive
What to do with that old 401k?

What to do with that old 401k?

People leaving an employer typically have four options with their 401(k) retirement plan, but it’s not an all-or-nothing decision. Depending on your situation, it may be possible to engage in a combination of these options:

  • Leave the money in your former employer’s plan, if permitted
  • Roll the assets over to your new employer’s plan, if one is available and rollovers are permitted
  • Roll the assets into an Individual Retirement Account (IRA)
  • Cash out the account value

Each choice offers advantages and disadvantages. If you are uncertain what action to take with your retirement accounts, please reach out. Over the years, we’ve found the best financial decisions are the ones that consider all available options.

You also may have heard that the CARES Act waives the 10% early withdrawal penalties on 401(k) plans, giving some account owners up to three years to replace what they took out. Remember, this new legislation may not cover loans unrelated to the COVID-19 crisis.

If you have questions about what rules apply, you may want to get in touch with your former employer’s human resource team. As always, we am here to help, too.

Download Our "3 401k Rollover Mistakes Guide"