People sometimes find themselves in the position of losing their job. In today’s corporate world downsizings and reorganizations are increasingly common. Losing your job should trigger some actions. To make this easier, we’ve made available the checklist “What Issues Should I Consider I Lose my Job?”
In this checklist, we cover a number of issues that you need to consider to ensure a smooth transition through this period:
- Be sure to understand any severance options that are offered.
- Ensure that you receive all company benefits you are entitled to, such as any continuation of health insurance, sick pay, etc.
- Determine if you are eligible for unemployment benefits and if so, be sure to file for them.
- Does your budget need be adjusted due to reduced cash flow? What are your health insurance options?
- Be sure to take action regarding your 401(k) or other retirement accounts and benefits with your old company.
- Review your options regarding any company stock-related compensation.
- If you are close to retirement age – is this the time to retire?
- Are there any agreements restricting employment options with other companies in the same or related industry?
- This is a comprehensive checklist of the financial issues that people need to consider surrounding a job loss.
Updated for 2020