Losing a job can feel overwhelming, but taking a few thoughtful financial steps can help you regain a sense of control and confidence.
If you or someone you know has been affected by a layoff, you’re not alone. While this can be a difficult transition, there are practical financial steps you can take to help navigate the road ahead.
If you’ve recently lost your job, consider focusing on these key priorities:
1. Review Your Severance & Benefits
Understand your severance package, unused PTO payout, unemployment eligibility, and any continuation of benefits.
2. Protect Your Health Coverage
Explore your options through COBRA, a spouse’s employer plan, or the Health Insurance Marketplace to avoid a gap in coverage.
3. Build a Short-Term Spending Plan
Review your monthly expenses, prioritize essential costs, and identify areas where you can temporarily reduce spending.
4. Review Your Emergency Savings
Determine how long your savings can support your household and develop a plan for managing cash flow during your transition.
5. Be Thoughtful With Retirement Accounts
Avoid making rushed decisions about your 401(k) or other retirement savings. Take time to understand your rollover options before making any changes.
6. Create a Plan for What’s Next
Whether you’re preparing for your next career opportunity or reevaluating your long-term financial goals, having a plan can help reduce uncertainty and provide greater confidence.
A job transition can also be an opportunity to revisit your overall financial strategy. Reviewing your cash flow, benefits, retirement plans, and long-term goals can help you make informed decisions during a period of change.
At Waterstone Private Wealth Management, our thoughts are with everyone navigating these challenges. If you have questions about your financial situation or would like a second opinion on your options, we’re here to be a resource—offering guidance, support, and clarity at your pace.
Securities offered through Cetera Wealth Services LLC, Member FINRA/SIPC. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Cetera is under separate ownership from any other named entity. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.
The opinions contained in this material are those of the author, and not a recommendation or solicitation to buy or sell investment products. This information is from sources believed to be reliable, but Cetera Wealth Services, LLC cannot guarantee or represent that it is accurate or complete.
