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What to Consider When You Lose Your Job

What to Consider When You Lose Your Job: A Cash Flow Focused Guide

Losing your job can be a stressful and overwhelming experience. It's important to take the time to consider your options and make a plan to move forward. Here are some key issues to consider if you find yourself out of work: 

Cash flow: Losing your job means losing your source of income, so it's crucial to plan for how you'll manage your expenses without a steady paycheck. If possible, try to build up your emergency fund before you lose your job. This will give you a financial cushion to fall back on while you're looking for work. You should also review your budget and look for areas where you can cut back on spending, especially discretionary expenses. 

Unemployment benefits: If you were laid off or your position was eliminated, you may be eligible for unemployment benefits. These benefits are based on your state of residence and typically last for about 26 weeks. Be sure to check on any current extensions or enhanced benefits that may be available. 

Severance pay and other compensation: It's possible that you may be entitled to severance pay, back pay, sick pay, or vacation pay when you leave your job. Confirm the details with your HR department to make sure you're getting everything you're entitled to. 

Flexible Spending Account: If you have a Flexible Spending Account, make sure to use the money while you're still employed or covered under COBRA (the health insurance program for workers who have lost their jobs). You may need those funds when you're unemployed. 

Part-time work and consulting: If your cash flow is tight, you may need to look for ways to bring in some income while you're between jobs. Part-time work, freelancing, and consulting can all provide some income and may even lead to a permanent career path. 

Social Security benefits: If you're 62 or older, you may be eligible for Social Security benefits. It's important to understand how timing will affect your benefit amount and your overall retirement situation. 

Losing your job can be a challenging experience, but with careful planning and a proactive approach, you can navigate this difficult time and emerge stronger on the other side. 


The commentary on this website reflects the personal opinions, viewpoints and analyses of the Ascend Investment Partners employees providing such comments, and should not be regarded as a description of advisory services provided by Kesler, Norman & Wride, LLC dba Ascend Investment Partners or performance returns of any Ascend Investment Partners Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Ascend Investment Partners manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. 

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