{"id":37572,"date":"2025-11-01T12:43:32","date_gmt":"2025-11-01T12:43:32","guid":{"rendered":"https:\/\/financialrush.com\/?p=37572"},"modified":"2025-11-01T12:43:32","modified_gmt":"2025-11-01T12:43:32","slug":"4-steps-to-protect-your-finances","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=37572","title":{"rendered":"4 steps to protect your finances"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"SpecialReportArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"SpecialReportArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-108217715\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>A UPS truck at the Palace Imports warehouse in Linden, New Jersey, US, on Wednesday, Aug. 27, 2025. <\/p>\n<p>Michael Nagle | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>After a wave of big companies announcing steep <a href=\"https:\/\/www.cnbc.com\/layoffs\/\">job cuts<\/a>, many laid-off workers may face a <a href=\"https:\/\/www.cnbc.com\/video\/2025\/10\/23\/target-cuts-about-8-percent-of-corporate-workforce-first-major-layoffs-in-a-decade.html\">financially difficult and uncertain period ahead<\/a>.<\/p>\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-3\"><a href=\"https:\/\/www.cnbc.com\/quotes\/AMZN\/\">Amazon<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> said on Tuesday that it would eliminate around <a href=\"https:\/\/www.cnbc.com\/2025\/10\/28\/amazon-layoffs-corporate-workers-ai.html\">14,000 corporate positions<\/a>, and the United Parcel Service, or <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-5\"><a href=\"https:\/\/www.cnbc.com\/quotes\/UPS\/\">UPS<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span>, said it had reduced its operational workforce by <a href=\"https:\/\/www.cnbc.com\/2025\/10\/28\/ups-earnings-q3-2025.html\">34,000 jobs this year<\/a>. On Wednesday, <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-7\"><a href=\"https:\/\/www.cnbc.com\/quotes\/GM\/\">General Motors<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span>\u00a0laid off <a href=\"https:\/\/www.cnbc.com\/2025\/10\/29\/gm-layoffs-michigan-ohio.html\">roughly 1,700 workers<\/a>, and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-9\"><a href=\"https:\/\/www.cnbc.com\/quotes\/PSKY\/\">Paramount<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span><a href=\"https:\/\/www.cnbc.com\/2025\/10\/29\/paramount-to-lay-off-1000-employees-with-more-cuts-expected.html\"> <\/a>terminated<a href=\"https:\/\/www.cnbc.com\/2025\/10\/29\/paramount-to-lay-off-1000-employees-with-more-cuts-expected.html\"> 1,000 people<\/a>. The Trump administration has also threatened to fire <a href=\"https:\/\/www.cnbc.com\/2025\/10\/28\/judge-ban-trump-government-shutdown-layoffs.html\">thousands of federal workers during the shutdown<\/a>, but those efforts have been blocked so far in the courts.\u00a0<\/p>\n<p>\u201cNow is a particularly challenging time to be unemployed,\u201d said Michele Evermore, senior fellow at the National Academy of Social Insurance.<\/p>\n<p>The Bureau of Labor Statistics <a href=\"https:\/\/www.cnbc.com\/2025\/10\/03\/shutdown-jobs-report-economy.html\">didn\u2019t publish its monthly jobs report <\/a>in October because of the government shutdown. But analysts have been worried about <a href=\"https:\/\/www.cnbc.com\/2025\/09\/05\/job-seekers-face-worst-game-of-musical-chairs.html\">the state of the employment market<\/a> for months.<\/p>\n<\/div>\n<div class=\"group\">\n<div class=\"RelatedContent-relatedContent\" id=\"SpecialReportArticle-RelatedContent-1\">\n<div class=\"RelatedContent-container\">\n<div class=\"RelatedContent-nonCollapsibleContent\">\n<h2 id=\"more-from-your-money\" class=\"RelatedContent-header\">More from Your Money:<\/h2>\n<div class=\"group\">\n<p><em>Here\u2019s a look at more stories on how to manage, grow and protect your money for the years ahead.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 id=\"1-immediately-file-for-unemployment\" class=\"ArticleBody-subtitle\"><a id=\"headline0\"\/>1. \u2018Immediately file\u2019 for unemployment<\/h2>\n<div class=\"group\">\n<p>Despite the <a href=\"https:\/\/www.cnbc.com\/government-shutdown\/\">government shutdown<\/a>, which began on Oct.1, states still have access to their state unemployment trust fund to pay out benefits, said Andrew Stettner, the director of economy and jobs at The Century Foundation.<\/p>\n<p>\u201cEventually they will run out of federal funds to pay the staff that process the benefits, but we\u2019ve not heard of that happening yet,\u201d Stettner said.<\/p>\n<p>As a result, those who\u2019ve lost their job should \u201cimmediately file\u201d for unemployment insurance, Evermore said. Before you do so, you\u2019ll want to gather the following information: your pay over the last 18 months, names of previous employers during that period and their addresses, your Social Security number, state-issued identification and any documentation from your last company.<\/p>\n<p>If you live in one state and work in another, you\u2019ll want to apply for the jobless benefits <a href=\"https:\/\/www.dol.gov\/general\/topic\/unemployment-insurance#:~:text=To%20receive%20unemployment%20insurance%20benefits,receive%20your%20first%20benefit%20check.\" target=\"_blank\">in the state where you worked<\/a>, experts say. On a DOL-sponsored website, you can find <a href=\"https:\/\/www.careeronestop.org\/LocalHelp\/UnemploymentBenefits\/find-unemployment-benefits.aspx\" target=\"_blank\">the contact information for state unemployment agencies<\/a>.<\/p>\n<\/div>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-108218725\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>A sign is displayed at the U.S. Department of Labor Frances Perkins Building on June, 2025 in Washington, DC. <\/p>\n<p>Kevin Carter | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>State agencies should pay benefits within three weeks of your application, but delays have become more common since the pandemic, Evermore said.<\/p>\n<p>\u201cIt\u2019s probably going to get worse as layoffs increase,\u201d she added.<\/p>\n<p>Maximum unemployment benefit amounts vary by state. For example, California\u2019s maximum weekly benefit is <a href=\"https:\/\/edd.ca.gov\/en\/unemployment\/UI-Calculator\/\" target=\"_blank\">$450<\/a>; in Florida, the cap is <a href=\"https:\/\/floridajobs.org\/Reemployment-Assistance-Service-Center\/reemployment-assistance\/claimants\/claimant-faqs-(new)\" target=\"_blank\">$275<\/a>, Evermore said. In most states, claimants can get benefits for 26 weeks, she added \u2014 although the benefits last for just <a href=\"https:\/\/www.cbpp.org\/research\/economy\/how-many-weeks-of-unemployment-compensation-are-available\" target=\"_blank\">12 weeks in some states<\/a>, such as Florida.<\/p>\n<\/div>\n<h2 id=\"2-find-new-health-insurance\" class=\"ArticleBody-subtitle\"><a id=\"headline1\"\/>2. Find new health insurance<\/h2>\n<div class=\"group\">\n<p>For many workers, losing their jobs also means losing their health insurance.<\/p>\n<p>Your first step is to find out when your workplace insurance officially expires, said Christine Eibner, a senior economist at Rand Corporation. Some companies provide additional months of coverage under their plan after a layoff.<\/p>\n<p>Once your coverage lapses, you may be offered the chance to continue it under COBRA, shorthand for the Consolidated Omnibus Budget Reconciliation Act, said Caitlin Donovan, a spokeswoman for the Patient Advocate Foundation.<\/p>\n<p>The option is \u201ccost-prohibitive\u201d for many people, Donovan said, because it requires them to pay the full premium, including the portion their company was previously paying. But if you can afford the price tag, it\u2019ll cause the least disruption to your coverage. COBRA is usually available for between 18 months to 36 months, <a href=\"https:\/\/www.dol.gov\/agencies\/ebsa\/laws-and-regulations\/laws\/cobra\" target=\"_blank\">according<\/a> to the Department of Labor.<\/p>\n<\/div>\n<blockquote data-test=\"Pullquote\">\n<div class=\"Pullquote-pullquote\" style=\"border-top-color:#108843\">\n<div>\n<p>Now is a particularly challenging time to be unemployed.<\/p>\n<div class=\"Pullquote-sourceWrapper\">\n<p>Michele Evermore<\/p>\n<p>senior fellow at the National Academy of Social Insurance<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/blockquote>\n<div class=\"group\">\n<p>Other options for getting new health insurance include enrolling in a spouse\u2019s plan or seeking subsidized coverage on the Affordable Care Act Marketplace or through Medicaid, Eibner said. Those who\u2019ve lost their employer health benefits typically have <a href=\"https:\/\/urldefense.com\/v3\/__https:\/www.healthcare.gov\/coverage-outside-open-enrollment\/special-enrollment-period\/__;!!HqJSLGM!vw_gjKjrNzEOaO-_YHUBsAOQVa9V-MX0WCHZ-twzqkr28zOUEgdgFT_80mRT5G_s-O_YMWj9ZkEjS_-DBA$\" target=\"_blank\">60 days<\/a> to sign up for an ACA Marketplace plan, Eibner added. (Open enrollment on the marketplace for 2026 starts on Nov. 1 in most states.)<\/p>\n<p>At the heart of the current stalemate in Washington is whether or not to extend Covid-era <a href=\"https:\/\/www.cnbc.com\/2025\/10\/17\/aca-enhanced-subsidy-lapse-government-shutdown.html\">enhanced tax credits<\/a> for ACA marketplace enrollees. Those enhanced subsidies <a href=\"https:\/\/www.cnbc.com\/2025\/09\/30\/aca-premiums-to-more-than-double-without-enhanced-subsidies.html\">make health insurance premiums cheaper<\/a> for tens of millions of Americans. Without that aid being extended, many people will see higher prices for marketplace coverage in 2026.<\/p>\n<p>\u201cHowever, the tax credits aren\u2019t going away completely,\u201d Eibner said. \u201cThey are just reverting to the original levels put into place under the Affordable Care Act.\u201d<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/medicaid\/\">Medicaid<\/a> is the cheapest health-care option and may actually cost you close to nothing, experts said. Eligibility is based in part on your current income, which may allow many newly unemployed workers to qualify \u2014 although jobless benefits may have an impact.<\/p>\n<\/div>\n<h2 id=\"3-check-on-your-workplace-retirement-account\" class=\"ArticleBody-subtitle\"><a id=\"headline2\"\/>3. Check on your workplace retirement account<\/h2>\n<div class=\"group\">\n<p>If your company offered a retirement account, you\u2019ll need to decide what to do with that nest egg now.<\/p>\n<p>You may be able to simply leave the money in the account, even though you won\u2019t be able to contribute to it anymore or benefit from any employer match.<\/p>\n<p>\u201cThis is a great option, especially if the funds in the account are strong and if the employee needs time to focus on other things,\u201d said Dana Levit, a certified financial planner and the owner of Paragon Financial Advisors in the Boston area.<\/p>\n<p>An exception: If you have <a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-termination-of-employment\" target=\"_blank\">less than $5,000<\/a> in your workplace retirement account, your employer may require that you move the funds.<\/p>\n<p>You may also be able to <a href=\"https:\/\/www.cnbc.com\/2024\/09\/16\/401k-ira-retirement-rollovers-cash-investments.html\">transfer your funds<\/a> without taxation or penalties to another qualified retirement plan, including a 401(k) at your next company if that\u2019s allowed, or to an individual retirement account, Levit said. If your former employer isn\u2019t forcing a transfer, there\u2019s <a href=\"https:\/\/www.cnbc.com\/2023\/12\/05\/what-to-know-before-rolling-money-from-a-401k-to-ira.html\">no need to rush into this decision<\/a>.<\/p>\n<p>While cashing out your 401(k) is another option, it\u2019s not a desirable one, Levit said: \u201cThe distribution is taxable as ordinary income,\u201d and \u201cdepending on the employee\u2019s age, there could also be penalties for an \u2018early withdrawal.'\u201d<\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108219353\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-108219353\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000394019\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><span class=\"InlineVideo-videoButton\"\/><span\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Laid-off workers who have an outstanding loan from their 401(k) may face an extra headache, Levit said.<\/p>\n<p>\u201c401(k) loans are typically due in full at termination,\u201d she said. \u201cIf they are not repaid, the outstanding loan will be considered a taxable distribution subject to ordinary income taxes and potentially penalties.\u201d<\/p>\n<p>But it\u2019s worth talking to your plan administrator and learning what your options are, Levit added: \u201cSome have flexibility about continuing payments even after termination.\u201d<\/p>\n<\/div>\n<h2 id=\"4-stay-on-top-of-student-loans-other-debt\" class=\"ArticleBody-subtitle\"><a id=\"headline3\"\/>4. Stay on top of student loans, other debt<\/h2>\n<div class=\"group\">\n<p>People who\u2019ve lost a job and are worried about their student loan bill have options, too. You can enroll in an <a href=\"https:\/\/studentaid.gov\/help-center\/answers\/article\/how-to-apply-for-idr-plan\" target=\"_blank\">income-driven repayment plan<\/a> that sets your monthly payment based on your earnings and submit proof that you\u2019ve lost your job; while unemployment benefits will count as income, you\u2019re likely to get a low payment and some may not owe anything under their plan\u2019s terms.<\/p>\n<p>The U.S. Department of Education also offers an <a href=\"https:\/\/studentaid.gov\/sites\/default\/files\/UnemploymentDeferment.pdf\" target=\"_blank\">Unemployment Deferment<\/a>, in which you can possibly pause your payments for up to three years after a job loss. <a href=\"https:\/\/www.cnbc.com\/2025\/09\/07\/student-loan-deferments-forbearances.html\">Some student loans\u00a0<\/a>will still accrue interest during the payment pause, while others will not.<\/p>\n<\/div>\n<div class=\"group\">\n<p>During a period of joblessness, you should ask other lenders \u201cfor a break,\u201d said Ted Rossman, a senior industry analyst at Bankrate.<\/p>\n<p>\u201cMany lenders have hardship programs that allow you to skip a payment or rearrange a due date,\u201d Rossman said. \u201cLenders are often willing to work with you, especially if it\u2019s something temporary like a government shutdown, job loss or natural disaster.\u201d<\/p>\n<p>If you can manage it, making at least the minimum payments on all of your debts will avoid the start of any collection activity and possible risks to your credit, Rossman added.<\/p>\n<p>On top of taking care of your finances, it\u2019s also important to tend to your mental health after a job loss, Evermore said. That might mean sharing what you\u2019re going through with others, including family, friends and a therapist.<\/p>\n<p>\u201cUnemployment is one of the most stressful things that can happen to a person, so be mindful of the fact that you are not alone,\u201d Evermore said. \u201cThere are people who want to help you through this challenging time.\u201d<\/p>\n<\/div>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.cnbc.com\/2025\/11\/01\/layoffs-financial-security-tips.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A UPS truck at the Palace Imports warehouse in Linden, New Jersey, US, on Wednesday, Aug. 27, 2025.&hellip;\n","protected":false},"author":3,"featured_media":37573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-37572","post","type-post","status-publish","format-standard","has-post-thumbnail","category-investing","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/37572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37572"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/37572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/37573"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}