Tech firms are laying off workers and Wall Street may be next. Here are key financial moves to make if you lose your job.
Further, be prepared with relevant information like employment records for about the past two years, Nightingale said.
If you are in good standing with your company, ask your manager if you can get a few extra months of severance pay, and an associated extension to medical and dental benefits. If you need to pull from financial accounts, cash from an emergency fund — if you have one — will generally be your first choice, according to financial advisors.Roth 401 accountholders can also pull out money tax- and penalty-free, under two conditions: The owner must be over 59½ years old and made a contribution at least five tax years ago.
Leverage your personal and professional networks to find opportunities — perhaps a union membership, professional association, business contacts, former colleagues, and friends and relatives. Connect with people on LinkedIn and ask for public endorsements, Sun said.
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