FRESNO, Calif. (KFSN) — Whether it’s company reduction or restructuring, financial instability can lead to layoffs.<\/p>\n
While federal and state-specific laws require certain companies to give advance notice, there are circumstances when a company can lay you off without warning – so it’s best to have a plan.<\/p>\n
“The amount you have in emergency cash varies, but common wisdom is somewhere between three and six months,” says AJ Flores, Lead Financial Advisor with Portfolio Advisors.<\/p>\n
Flores says take time to review your severance and secure your benefits.<\/p>\n
You may still be eligible for some public programs in the months following being laid off, but it would be important to understand where your options are in keeping that insurance or transferring it elsewhere,” he said.<\/p>\n
When it comes to finances, keep track of any retirement plans you have.<\/p>\n
“Some people have 401ks that they forget about that they leave behind, and it’s just money out there that you’re leaving behind with a prior employer,” Flores said.<\/p>\n
Flores says generally, you can roll those over into a new employer’s plan, but it’s important to do so sooner rather than later.<\/p>\n
“First off, it’s top of mind,” he said. “You’ll have that information readily available to you, especially if you have log-ins to these online companies and portals.”<\/p>\n
Flores adds it’s important to dial in on a budget and understand wants versus needs.<\/p>\n
“That way, you are prepared, maybe you’ve already gotten used to living beneath your means and having an understanding of your discretionary expenses,” he said.<\/p>\n
In California, you can file for unemployment through the California Employment Development Department.<\/p>\n
It’s best to act fast, as these benefits generally take a few weeks to kick in.<\/p>\n
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