In this episode of "Your Investment Partners," hosts Garrett and Paul address a challenging yet crucial topic: what to do if you lose your job. They explore practical steps to manage health insurance, income, and budgeting during this difficult time. The discussion covers essential actions like securing medical coverage through COBRA or the health insurance exchange, finding immediate employment, and prioritizing debt management. They also explore opportunities that may arise, such as Roth conversions or starting your own business. Tune in for valuable insights to help you handle this uncertain period with resilience and proactive planning.
Key Points From This Episode
- Exploring the common experience of involuntary job loss and its impacts.
- Managing health insurance options, including COBRA and marketplace coverage.
- Immediate steps to secure income and avoid financial freefall.
- Budget adjustments and prioritizing expenses during a job transition.
- Strategies for managing debt, focusing on high-interest obligations.
- Cautions around borrowing against retirement accounts during job loss.
- Identifying potential planning opportunities like Roth conversions in low-income years.
- Considering starting a small business as an alternative to traditional employment.
- Evaluating deferred compensation, stock options, and retirement plan rollovers.
- Maintaining productivity and positive mental health during unemployment.
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