- ORIGINAL NEWS
Unemployment benefits, emergency savings. Here’s how to get by without a paycheck after a job loss
- SUMMARY
In recent times, many companies like Amazon, Google, Microsoft, and Paramount have laid off employees, leaving many without a stable income.Amidst job loss, it’s crucial to understand how to navigate your finances.Firstly, if you received a severance package, it can provide temporary financial support.
Apply for unemployment benefits as soon as possible to receive compensation within three weeks, though the process may be delayed compared to pre-pandemic times.
Accurately report severance details to the unemployment agency to avoid affecting your benefits.
Knowing your monthly expenses is key; cut down on discretionary expenses until re-employment.
Utilizing an emergency savings fund is ideal, then consider taxable, nonretirement investment accounts.
Selling securities you’ve held long-term, avoiding retirement account withdrawals due to penalties and taxes.
Remember, job loss can be traumatic, but it’s not the end.
With careful planning, you can navigate through this temporary setback.
- NEWS SENTIMENT CHECK
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“Many of those unemployed workers are now trying to figure out how to get by without a paycheck.”
“Job loss is extremely traumatic, but it is important to remember that it is not the end of the world.”