Ask Matt: What should I do in case I lose my job tomorrow?

  • Article by: MATT KRUMRIE
  • Updated: July 29, 2013 - 8:00 AM

Dear Matt: I’ve been happily employed with the same company for four years. But if I lost my job tomorrow I would not be prepared. Can you provide tips on how to prepare for a potential job loss even if you are employed?

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petepelosiAug. 9, 13 5:39 PM

Who cares? I mean all I hear from the media and team Obama is how well the economy and job markets are doing. I mean the unemployment figures went down and all we had to do was lose more jobs, right?

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pitythefoolsAug. 10, 13 5:42 PM

Nice comments, but didn't really answer the question. How to prepare for a potential job loss? 1) Have a cash reserve. Since the amount of time it will take to find a new job will depend on your age, if you're in your twenties have about 2 months living expenses in savings. If you're over 50, assume that you will be permanently retired. 2) Add to that amount the cost of COBRA, or don't plan on getting sick during your "paid vacation" as Ronald Reagan called it. COBRA for a family costs about $1,200 PER MONTH plus copays. Your unemployment benefits will be a fraction of COBRA, let alone your living expenses, so consider it "brown bottle" money to help you get through the depression. Lastly, especially if you're over 50, understand if any life insurance policies have two year exclusions for suicide. If you have a family, you only have to hang in there for two years.

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