Laid Off During Covid-19? Money Tips

Courtney Jones, CFP®
Posted on 
November 10, 2020

Getting laid off stings. If you find yourself in this unfortunate situation, you’re likely to face a long list of decisions. Don’t despair, keep a clear mind and make sure you follow these tips.

  1. Find out all the fundamental details from your employer
  2. Request a Laid-off Letter
  3. Understand the restrictions you’re agreeing to in your Severance Package
  4. Review your equity compensation package and keep any relevant records
  5. Collect your Final Paycheck including accrued Paid-Time-Off if your contract or your State regulation calls for it
  6. Explore your health insurance options, with COBRA, with individual health insurance from your State marketplace or directly from an insurer
  7. Replace your employer sponsored life or disability insurance according to your needs
  8. File for unemployment insurance
  9. Manage your employer sponsored retirement account with a direct rollover
  10. Get help from an experienced financial advisor with a CFP® certification to protect your assets and explore your options.

Over the years, Credo Wealth Management has successfully helped many of our clients to rollover their retirement accounts with individualized financial planning.

“Don’t be afraid of change. You may end up losing something good. But you will probably end up gaining something better.”

Laid Off During Covid-19? Money Tips

Courtney Jones, CFP®
Posted on 
November 10, 2020
Laid Off During Covid-19? Money Tips

Getting laid off stings. If you find yourself in this unfortunate situation, you’re likely to face a long list of decisions. Don’t despair, keep a clear mind and make sure you follow these tips.

  1. Find out all the fundamental details from your employer
  2. Request a Laid-off Letter
  3. Understand the restrictions you’re agreeing to in your Severance Package
  4. Review your equity compensation package and keep any relevant records
  5. Collect your Final Paycheck including accrued Paid-Time-Off if your contract or your State regulation calls for it
  6. Explore your health insurance options, with COBRA, with individual health insurance from your State marketplace or directly from an insurer
  7. Replace your employer sponsored life or disability insurance according to your needs
  8. File for unemployment insurance
  9. Manage your employer sponsored retirement account with a direct rollover
  10. Get help from an experienced financial advisor with a CFP® certification to protect your assets and explore your options.

Over the years, Credo Wealth Management has successfully helped many of our clients to rollover their retirement accounts with individualized financial planning.

“Don’t be afraid of change. You may end up losing something good. But you will probably end up gaining something better.”

Registered Representative of Sanctuary Securities Inc. and Investment Advisor Representative of Sanctuary Advisors, LLC. Securities offered through Sanctuary Securities, Inc., Member FINRA, SIPC.  Advisory services offered through Sanctuary Advisors, LLC., an SEC Registered Investment Advisor. Credo Wealth Management is a DBA of Sanctuary Securities, Inc. and Sanctuary Advisors, LLC. This communication has not been reviewed for completeness or accuracy, does not necessarily reflect the views of Sanctuary Securities, Inc. or Sanctuary Advisors, LLC., and is not a recommendation or endorsement of any product, service, or issuer. For additional information, please refer to one of the following consumer websites: www.FINRA.org, www.SIPC.org.

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Securities offered through Sanctuary Securities, Member FINRA and SIPC. Advisory services offered through Sanctuary Advisors, LLC, an SEC registered investment advisor.