HOW TO SURVIVE A LAYOFF
Kiplinger's Personal Finance|June 2023
Losing your job can be traumatic, but it doesn't have to wreck your finances.
LAURA PETRECCA
HOW TO SURVIVE A LAYOFF

Andy Wibbels's layoff story begins the same way as countless others: He was unexpectedly summoned to a brief meeting with his boss.

The Chicago-based digital marketing director had a sinking feeling about what was to come. Once he saw that a human resources representative was joining in, he knew he was about to join the ranks of the unemployed.

That same scenario has played out in phone calls, Zoom meetings and in-person conversations across the country. Although national unemployment remains at record lows, job cuts have come fast and furious as organizations prepare for a potential economic downturn. In January, overall layoffs rose to 1.7 million, the most since December 2020, according to the U.S. Department of Labor. Workers in certain sectors, such as technology, media and marketing, have been hit hardest, but industries across the board are cutting back.

A job loss can certainly be nerve-wracking. Wibbels, 48, who has since landed a new job, said he woke up every morning thinking about how to get his next position. But as he and many others have found, you can maintain control of your financial situation, even without a steady paycheck.

A STEP-BY-STEP STRATEGY

Before you do anything else, take a deep breath. "Make sure you're not making any decisions when your adrenaline's running," says Alan Silver, a senior director at benefits consultancy WTW.

There will be many money-related decisions to come in the days, weeks and months ahead. The secret to success, he says, is to "approach them from a structured, reasoned way of thinking."

Get a clear understanding of your separation terms. Your package can vary depending on many factors, such as how long you've been with your employer and the role you held. In most cases, you'll get a written notice that describes any severance you'll receive and your health- and retirement-related benefit options.

Denne historien er fra June 2023-utgaven av Kiplinger's Personal Finance.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra June 2023-utgaven av Kiplinger's Personal Finance.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA KIPLINGER'S PERSONAL FINANCESe alt
MAKING A DIFFERENCE IN THE LIVES OF DISABLED VETERANS
Kiplinger's Personal Finance

MAKING A DIFFERENCE IN THE LIVES OF DISABLED VETERANS

He suffered grave injuries in the line of duty. Now he helps other veterans who have disabilities.

time-read
2 mins  |
November 2024
DO YOU NEED UMBRELLA INSURANCE?
Kiplinger's Personal Finance

DO YOU NEED UMBRELLA INSURANCE?

A policy can protect you from financially devastating events.

time-read
2 mins  |
November 2024
Navigating Finances as a Blended Family
Kiplinger's Personal Finance

Navigating Finances as a Blended Family

Money matters can get complicated when two families unite. Planning is key.

time-read
4 mins  |
November 2024
BREAKING UP WITH YOUR BROKER
Kiplinger's Personal Finance

BREAKING UP WITH YOUR BROKER

Be aware of these challenges when you move your money to a new home.

time-read
5 mins  |
November 2024
CHOOSE A MEDICARE PLAN THAT'S RIGHT FOR YOU
Kiplinger's Personal Finance

CHOOSE A MEDICARE PLAN THAT'S RIGHT FOR YOU

Consider your health care needs over the long term as you weigh costs and coverage.

time-read
9 mins  |
November 2024
Keep Faith in These Stocks
Kiplinger's Personal Finance

Keep Faith in These Stocks

IN 1997, I coined the phrase “faith-based investing.” It has nothing to do with religion or with picking stocks at random.

time-read
5 mins  |
November 2024
OUR ESG PICKS ARE THRIVING
Kiplinger's Personal Finance

OUR ESG PICKS ARE THRIVING

Despite an ongoing backlash, our favorite stocks and funds focused on environmental, social and corporate governance issues had a good year overall.

time-read
9 mins  |
November 2024
MONEY MANNERS FOR THE MODERN AGE
Kiplinger's Personal Finance

MONEY MANNERS FOR THE MODERN AGE

The customs for splitting a restaurant check, purchasing a wedding gift, tipping and more have evolved. These guidelines can help.

time-read
8 mins  |
November 2024
ELECTION 2024: POLITICS AND YOUR PORTFOLIO
Kiplinger's Personal Finance

ELECTION 2024: POLITICS AND YOUR PORTFOLIO

Who wins the White House matters—but only at the margins when it comes to your investments.

time-read
2 mins  |
November 2024
YOUR GUIDE TO OPEN ENROLLMENT
Kiplinger's Personal Finance

YOUR GUIDE TO OPEN ENROLLMENT

With health care costs on the rise, it’s critical to select a plan that fits your needs at the right price.

time-read
7 mins  |
November 2024