Are you worried about the idea of a layoff happening to you? Whether you’re close to retirement or know someone at risk of getting laid off, this guide is for you.

Covid has made layoffs quite common with everyone but especially with people who are almost at the retirement age. Layoffs can be very stressful but with the right information, you can navigate your way through them. 

In this episode of the Secure Your Retirement podcast, we share 10 steps on how to survive a layoff. Listen in to learn the importance of seeking professional help to come up with a suitable retirement financial plan after a layoff.  

In this episode, find out: 

• Keep calm and take it one step at a time to make the best decision for yourself.
• Determine your living expenses by coming up with a spending plan. 
• Create an inventory of your resources/assets to know what you own. 
• Add in severance pay – think it through before you accept it. 
• Understand how the unemployment benefits work. 
• Learn about your health insurance options, especially if you’re unqualified for Medicare.
• Get a new social security estimate to help you decide on an income possibility. 
• Consider a lump-sum payment from your pension.  
• Determine if you want to go back to work or have enough money to retire. 
• Seek professional help to give you confidence with a retirement financial plan. 

Tweetable Quotes:

• “It may be difficult, but you want to leave your employer on the best foot you possibly can.”- Murs Tariq
• “Don’t just quickly accept your severance, make sure that you think that through.”- Radon Stancil

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.