Broker Check

Layoffs Happen

February 23, 2023

Losing your job can be a stressful and uncertain time, but it is important to take control of your finances and make informed decisions about your employer benefits.  Here are a few steps you can take in the event of a layoff:

  1. Assess your options: Review your employer benefits and understand what options are available to you, such as continuing your health insurance coverage through COBRA or enrolling in a health insurance exchange.
  2. Review your 401(k) plan: You may be able to roll it over into a Traditional IRA, keep it in your current 401(k), or cash it out. However, keep in mind that cashing out can trigger taxes and penalties, so it’s important to carefully consider your options.
  3. Consider your stock options: If you have stock options through your employer, review your options for exercising them. You may be able to sell the stock options or exercise them and hold onto the stock.
  4. Consider your expenses: Consider your current expenses and make a budget to determine how much money you’ll need to cover your costs while you’re looking for a new job.
  5. Seek professional advice: Consider working with a Financial Advisor to help you make informed decisions about your benefits and financial situation.

By taking these steps, you can take control of your finances and ensure that your employer benefits help you meet your financial goals even in the event of a layoff.

Contact | Wayfinder Capital (