eMoney LOGIN   |   CIR Statements   |   FINRA Brokercheck   |    RMD Calculator

SDP financial planning

I’ve Been Laid Off: What’s My Plan?

401(k)

Getting notice that you’re being laid off for any reason is never a comfortable thing. Some can take comfort if they “saw it coming” or were in the process of making a change anyway. No matter the circumstance, there are a few things a person can do to ease the transition:

  1. Negotiate an exit strategy & story: Work with your current employer to negotiate severance, unemployment, outplacement help and references.
  2. Update your status: Update your current status on social media, ESPECIALLY LINKED IN, to let your networks know you’re looking for a new job. AVOID ANY NEGATIVITY.
  3. Review your basics: How are your emergency/cash funds? How many months do you have covered? If you have a spouse, how is their job security? Are you applying for COBRA? Jumping to your spouse’s medical plan?
  4. Polish up that resume’ and LinkedIn profile: Many employers still want a hard-copy resume, but the format desired might be different depending on your industry. Invest some time, and maybe money, into getting your resume pristine. Also remember, your LinkedIn page is the online version of your resume, so don’t neglect it!
  5. Make Friends with Your 401(k) again: You know that retirement account you hate to think about that you’ve been putting money into to get your employer’s match…hopefully…? Don’t make it an orphan by moving on and leaving it behind. There are plenty of cost-effective options to roll over your 401(k).

If you need help due to a career life change like a layoff, our team might be able to help! We’ve walked the path before with members of our client family. Feel free to reach out by email, or by phone, or simply visit our website. 

Conrad Slate, Rick Disharoon, and Will Parrish are Representatives with Cambridge Investment Research and may be reached at (865) 357-7370, by email or www.sdp-planning.com.

Email us at…
conrad@sdp-planning.com
rick@sdp-planning.com
will@sdp-planning.com

Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Slate, Disharoon, Parrish and Associates LLC are not affiliated.