LANSING, Mich. (WLNS) – The job market is healthy overall, but the once-red-hot tech sector continues to lay off workers and many economists are predicting an economic slowdown that could lead to more cuts.
Although the overall labor market remains solid, a drumbeat of high-profile layoff announcements should prompt even the most secure employees to create a layoff protection plan.
You can start by finding out if your company provides a standard severance package, and also add up unused vacation and personal days. At many companies, you can negotiate severance, which may include more pay.
If you receive health insurance through your employer and lose your job, you’re entitled to Cobra, which provides workers and their families extended health care coverage for a limited time, usually up to 18 months.
The big catch with Cobra is that you usually have to pay a hefty monthly premium. It may be beneficial to check out Healthcare.gov, which could offer coverage options cheaper than Cobra, especially if you qualify for tax credits.
As far as your retirement plan, you can usually leave your 401(k) or 401(b) where it is.
If you land a new job quickly, you should be able to roll over the old account into your new company’s retirement plan.
Otherwise, you can roll retirement funds into a traditional or Roth IRA.
