Did you lose your job due to termination or a layoff? Here are some things you should do as quickly as possible:
Update your resume
If you’ve been at the same job for a while now and unexpectedly lost your job, your resume might be out of date. Polish it up and include your most recent position so that you can begin your new job search.
Ask for references
Ask former co-workers and/or management if you can use them as references, assuming you parted on good terms. It’s better to do this sooner rather than later, and before you potentially lose touch with former colleagues.
Begin looking right away
Don’t hesitate on your job search. Fix your resume, gather references and begin applying for new jobs the moment you know you’ll be out of work. Although you might be able to quickly secure another position, it’s better not to underestimate just how long the job searching process might take.
Apply for unemployment compensation
Depending on the circumstances of your departure and how long you were working for your former employer, you may be eligible for unemployment compensation while you’re looking for a new job. Because it can take a few weeks for unemployment compensation to kick in, you shouldn’t procrastinate.
Ask about severance
If you were laid off, you may be eligible for a severance package. Ask your employer if you will be receiving a severance package, how much it will be, and when you can expect to receive it.
Explore your health insurance options
You may be eligible for COBRA after losing a job, which enables you to keep your current health insurance plan for a limited time and for a fee. If you don’t qualify for COBRA or can’t afford to keep your current health insurance, you may want to look into independent health insurance plans.
Make a decision regarding retirement
Were you contributing to a 401(k) plan? If so, you’ll want to decide whether you can leave your contributions in your current plan (if permitted) or if you’re going to transfer the funds. Talk to your former employer to find out what your options are.
Consider a career switch
Use this time to reflect on what you really want to do for the rest of your working life. Were you happy and satisfied with the work you were doing? If not, you may want to consider going back to school for some additional training, or you may even want to train for an entirely different career field, especially if you want to keep your options open for other types of job opportunities.
Make cutbacks wherever possible
It’s normal for money to be tight after a job loss, but you can help make things less stressful on yourself by cutting back where you can. Get rid of any unnecessary services so that you have fewer monthly bills to worry about. If you don’t have much saved up and you’re having difficulties finding another job, you might need to take more drastic measures to help stretch every dollar. For instance, if your apartment lease is coming up for renewal, you may want to consider moving to a place that’s offering cheaper rent.
Contact Peachtree Financial Solutions
If you unexpectedly lost your job, you may be experiencing financial difficulties. But why put this burden on yourself if you’re the recipient of structured settlement or annuity payments? Although these long-term payments may be very helpful in a time like this, they might not be enough. If bills and expenses are becoming overwhelming and it’s taking longer than expected to find a new job, allow us to help. Peachtree Financial Solutions can offer you cash now through the sale of your annuity or structured settlement payments. To learn more and to receive your free quote, contact us today.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.