Tips for Managing Finances After Losing Your Job

In this episode, Amy Irvine, CEO and founder of Rooted Planning Group, discusses the financial issues to consider when facing job loss. She provides valuable tips and insights to help individuals navigate through this challenging period. Amy covers topics such as cash flow management, health insurance options, debt management, retirement accounts, and tax planning. She emphasizes the importance of reviewing budgets, exploring available resources, and seeking assistance when needed. Listeners will gain practical advice and strategies to help them maintain financial stability during a job loss.

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Key Takeaways:

  • Evaluate your cash flow and emergency funds to determine how long they can sustain you during a period of unemployment.

  • Explore options such as severance packages, unemployment benefits, and flexible spending accounts to supplement your income.

  • Consider health insurance options, including COBRA, marketplace plans, and Medicare, to ensure continued coverage.

  • Contact lenders to discuss possible payment reductions or deferments for student loans and credit cards.

  • Review retirement accounts and consider options such as loan repayments, distributions, or rollovers.

  • Take advantage of tax planning opportunities in a low-income year, such as Roth conversions and deductible contributions.

  • Be aware of non-solicitation or non-compete agreements and their impact on job searching.

  • Update contact information and online subscriptions associated with your previous employer's email address.

  • Seek outplacement services and utilize professional networks to aid in your job search.

Resources:

Losing your job can be a challenging and emotional experience, but by understanding the key issues and taking proactive steps, you can navigate this period with greater confidence. Assessing your cash flow, understanding your benefits, reviewing and adjusting your budget, exploring alternative income sources, addressing health insurance concerns, communicating with lenders, evaluating retirement account options, leveraging home equity options, exploring tax planning opportunities, navigating non-compete agreements, and updating your contact information are all crucial aspects to consider.

Remember, this is a temporary setback, and with careful planning and perseverance, you can overcome this challenge and find new opportunities. Reach out to resources available to you, such as recruiters and career services, and don't hesitate to seek professional financial advice to ensure you make informed decisions during this transition.

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

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If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

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