Clients sometimes find themselves in the position of losing their job. In today’s corporate world downsizings and reorganizations are increasingly common. Losing your job should trigger some actions. To make this easier for your clients, we’ve created the checklist “What Issues Should I Consider I Lose my Job?”
In this checklist, we cover a number of issues that you and your clients need to consider ensuring a smooth transition through this period:
- Be sure to understand any severance options that are offered.
- Ensure that your clients receive all company benefits they are entitled to such as any continuation of health insurance, sick pay, etc.
- Determine if you are eligible for unemployment benefits and if so, be sure to file for them.
- Does your budget need be adjusted due to their reduced cash flow? What are their health insurance options?
- Be sure to take action regarding their 401(k) or other retirement accounts and benefits with their old company.
- Review their options regarding any company stock-related compensation.
- If the client is close to retirement age is this the time to retire?
- Are there any agreements restricting their employment options with other companies in the same or related industry?
This is a comprehensive checklist of the financial issues that clients need to consider surrounding a job loss.
Updated for 2020