Restructuring Your Plan After Being Laid Off

Restructuring Your Plan After Being Laid Off

| October 09, 2020

2020 has proven to be a tough year for the economy, as the markets have fluctuated greatly over the last seven months. We have seen many instances of large and small companies having to lay off and furlough their employees. Even as we think the coronavirus pandemic is calming down, cold weather is upon us meaning flu season and most likely an increase in COVID cases. For those that have been laid off due to the coronavirus, we know it is a difficult year. In order to stay on track with your portfolio, your plan might need some restructuring. Keep reading to learn the best practices for restructuring your plan should you be laid off.

  1. Check Your Health Insurance

If you are enrolled in your employer-sponsored health insurance plan, you will need to revisit your premiums. Now that you have been laid off, health insurance coverage needs to be accounted for. Depending on when you were laid off, COBRA (the Consolidated Ominbus Budget Reconciliation Act) allows for your coverage to still be active, but there are repercussions to take note of.

  1. Budget

Putting together a budget is never a bad idea, even for those that are as wealthy as can be! It never hurts to take control of your spending. This way, you are able to lay down your wants versus your needs during this time. Rather than being obligated to dip into your life savings, budgeting is a great way to ensure you stay within your limits as you continue this new journey.

  1. Review Investments

Your investment portfolio is going to need some TLC, so it is important to review it frequently. Right now, with the fluctuation of the stock market, you need to make sure your investments are performing where they should be. Portfolios should be reviewed often, as it is not a “one and done” process. During this process, you will want to make sure your investments still match up with your original goals. If they do not, it is best to reevaluate your goals for the future.

As you are probably learning, being laid off is never something someone wants to go through. When it comes to your financial future, though, it is best to be proactive. Getting the pink slip is hard, and there is a lot that comes along with it. The responsibilities that come along with getting laid off may be overwhelming, but the team at Heritage Wealth Management is here to help you find a happy medium for your portfolio as you take your next steps in life.

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