Reports of the death of the U.S. labor market have been greatly exaggerated. In January, 517,000 jobs were created, more than double analysts’ expectations, and the unemployment rate was 3.4 percen…
Not to be a buzzkill, but the resiliency of the labor market makes NOW an ideal time to dust off your personal layoff protection plan. Review these items before the ax falls.Many companies offer a standard severance package, defined as a certain number of weeks, others consider your tenure at the organization and also add in unused vacation and personal days.
Before you sign any documents that memorialize severance agreements, know that many companies will negotiate sweetened deals, which may include more dollars. If you work at a firm where you received stock options, ask for an accelerated or immediate vesting for unvested amounts. NOTE: severance is income, which means that it is taxable.While you are still covered on your employer’s health insurance plan, schedule routine medical and dental checkups.
The big catch with COBRA is that you are usually required to pay the entire premium for the coverage, which can be steep. Before you freak out about the cost, check out coverage at HealthCare.gov, which can be cheaper than COBRA, especially if you qualify for tax credits.If you have life, disability, or long-term care insurance coverage through work, find out if it is “portable,” which means that you can take it with you when you leave.
If you lose your job, you can usually leave retirement accounts where they are, a good option, if your company’s plan is inexpensive with low-cost index funds. Otherwise, you can roll retirement funds into an IRA Rollover account with any of the big investment companies. If you land a job quickly, you should be able to directly rollover the old account into your new company’s retirement plan.Amid COVID, many workers collected enhanced unemployment benefits, which were not taxable.
Sadly, most states did not upgrade their unemployment systems after being overwhelmed in 2020, so do file a claim as quickly as possible.If you are blindsided by a layoff, avoid losing control and burning bridges. Maintain your dignity and do your best to stay calm and focused.Related Articles
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