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SAVE OTTUMWA POST and payment amount. Your deal may include several paychecks, reimbursement for unused paid-time-off or sick days, and stock options, among other possible sources of income. Consider reviewing the terms with a trusted attorney or financial professional, particularly if you have the option to negotiate your severance. Some companies also offer career coaching, human resources support or other non-monetary benefits that could be helpful in your transition and search for new employment.

How to Weather an Unexpected Job Loss News of mass layoffs in major sectors of the economy has reignited interest in how to prepare financially for a job loss. If you’ve recently been laid off – or if you’re simply preparing for the prospect of job cuts at your organization – it can help to develop a game plan. Here are some strategies to keep in mind.

File for unemployment benefits While government unemployment benefits aren’t likely to replace your previous income stream, they may help you meet your day-to-day living expenses while you are out of work.

File as soon as you can, as there typically is a waiting period to begin collecting.

loss is considered a qualifying event, which means you may shop the health care marketplace to find a plan that works best for you and your family.

Keep long-term goals on track To the extent possible, try to maintain making contributions toward your long-term goals, such as college or retirement. Even modest contributions add up over time, so continue to save what you can. Additionally, avoid dipping into your retirement accounts. Borrowing or withdrawing money from a 401(k) is taxable and will incur a 10 percent penalty fee. Further, you could also miss out on months’ or even years’ worth of compounding and potential market growth that can be challenging to make up.

Seek guidance from trusted professionals Any change or interruption in Manage your health care your salary warrants a visit coverage to a trusted financial profesThe loss of a job may also sional. Meet with a financial mean the loss of health advisor to review your finaninsurance benefits. Take ac- cial position and determine tion right away to make sure what measures you can take you don’t experience a lapse during an income drought to Reassess your financial in coverage. Unexpected minimize the impact on your situation illnesses or accidents can portfolio. You may also conStart by reviewing your happen to anyone, and the sider meeting with a career recent bank statements, financial impact can be sigcounselor to plan the next current portfolio and upcom- nificantly higher without the phase of your career. ing financial obligations. Talk right insurance plan. If you Duane J Lusson, CFP, ChFC, with your spouse or partner received health insurance CLU, MSFS, is a Private Wealth about how to reduce discre- through your employer, you Advisor with Ameriprise Financial tionary expenditures to enmay qualify for COBRA inServices, Inc. in Ottumwa, Iowa. sure you meet all essential surance offered through the He specializes in fee-based financial planning and asset manageexpenses such as mortgage, federal government. Costs, ment strategies and has been in insurance, utility and car length of coverage and spe- practice for 30 years. To contact payments. Managing your cific plan options (including him, call 641-684-4200 or stop by his office at 527 W. Second in Otbudget carefully is critical in coverage for your spouse, a period of job uncertainty. partner or dependents) may tumwa, Iowa. vary depending on your Ameriprise Financial, Inc. and its Understand your severcircumstances, so contact affiliates do not offer tax or legal advice. Consumers should consult ance package the U.S. Department of with their tax advisor or attorney If you receive a severance Labor or the Department of regarding their specific situation. package, be sure you under- Health and Human Services Investment advisory products stand the terms, timeframe for more information. Job and services are made available

MAY 03, 2023 through Ameriprise Financial Services, LLC, a registered investment adviser.

involve investment risks including possible loss of principal and fluctuation in value.

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and

Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2023 Ameriprise Financial, Inc. All rights reserved. File #5498610

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