August 4, 2025 • 5 mins
CBS News Business Analyst and host of Jill on Money Jill Schlesinger joins us to discuss what to do should you lose your job.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
And I remember a while ago, like eight months ago,
we did an interview with somebody that said, hey, if
you're sixty and you get fired, there's a million companies
that want to bring you on board so you can
help those poor kids right out of college. Well, guess what,
those stories have dried up, and there are some folks
on the beach. As we say in our business. This
(00:20):
is West Michigan's Morning News. I am Steve Kelly. She
is CBS News Business analyst and host of Jill on
Money Jill Slessinger, Good morning.
Speaker 2 (00:29):
Good morning. So I wrote a blog post and I
started working on it early last week, so before the
job's report came out on Friday, just to be clear,
And the name of the job of the blog post
is what to do if you lose your job? And
the reason I wrote that, don't tell anyone. I worked
for CBS News and our company is consummating a big
(00:50):
sale through Paramount Global this week on Thursday. Supposedly. Okay,
so here's what I thought. Everybody has been coming up
to me at work and saying, oh my god, what
happens if I lose my job? And I said, I
better put something together, and really like go through this.
So I have at so I cannot have all these conversations. Also, Steve,
this could be my last conversation with you, because what
(01:10):
if I lose my job? You know, And so when
you're in an industry that's consolidating, you always think you
are one day away from getting the acts. Do they
say pink slip anymore? I don't think they say that
as that term anyway. So I put this post together
because I know it's very disarming to lose a job,
even if you hate it. Yeah, I mean it's like, oh,
I'm in this terrible relationship. I hate this person I've
(01:33):
been dating. I really got a break up. Then they
break up with you and you're like, what, how dare you?
It's so dare you?
Speaker 1 (01:39):
Sir?
Speaker 2 (01:39):
So anyway, it is disarming. You gotta like relax, You
have to take a breath. But there are like some
very major tasks at hand. Two big things to think about.
Number one is you need to focus on health insurance. Right,
if you got your coverage through work, you go to
your old HR person, You're like, hey, what's up with cobra.
Cobra is the ability for you to pay for your
(02:01):
own health care coverage for up to eighteen months. But
it's expensive because you know what happens in your You
don't realize it, but your employer is sort of paying
a portion of your health insurance, and if you choose Cobra,
it's all on you. So it's expensive, but at least
you got coverage first time.
Speaker 1 (02:17):
Second time I got fired, I had a contract and
I'm like, I got severance money. I giggled about that
prospect until they said, now you've got to figure out
what to do with healthcare. And I was like, oh, yeah,
exactly right. Yeah.
Speaker 2 (02:29):
And so the other thing something you didn't have available
to you way that, way back in the Stone Age
when you lost that job, was that now even if
you quit, you get fired, you get laid off no
matter what happens. If you lose your health insurance through
your job, you can qualify for a special enrollment through
the Affordable Care Act. You have to do it within
sixty days of losing your job. But you got to
(02:51):
deal with that because if something bad happens, you don't
want to be without coverage. Second thing, unemployment benefits. I'm
a friend who recently lost her job. Somehow she thought
that this miraculous happened on its own. I'm like, no, no,
this is this is not. Your boss figures out how
to do so. Each state has different rules. Check out
your own state proce. So in Michigan you've got different rules,
but generally speaking, you kind of Sometimes they have some
(03:13):
waiting periods. So just is you've got to be ready, willing,
and able to work. If you're eligible, your first payment
comes within a few weeks. Those are your two biggies,
really biggies. If you are someone who's got a bunch
of debt, you know, I don't really care what kind
of debt like. It could be a credit card, it
could be a mortgage, it could be a student loan.
Get in touch with the people you owe money too,
and say I lost my job. I need some breathing room.
(03:34):
They'll usually give you some forbearance. They really will. So
please just make sure you do that because you don't
want them coming after you. You want to be proactive.
So what about your retirement plan? You want to do
it or not?
Speaker 1 (03:46):
The yeah, I mean if it's something you need to
adjust quickly or take a look at fire away.
Speaker 2 (03:52):
Okay, So retirement plan when you have it with your
old job the most. I think that most people who
are especially if you're younger, you might think, oh, you know,
I'm just going to cash it out and take the money.
But you pay the income tax that is due on
that money. And also, guess what, there's a ten percent
penalty if you're under the age of fifty nine and
(04:13):
a half. So if your old company allows it, just
keep the money where it is. It's very easy, and
then you'll figure it out later. If you get a
new job, you can roll it over. You can put
money into an IRA rollover account. Try not to cash out.
Speaker 1 (04:23):
Learn that the hard way. Jill. So that was probably
thirty five years ago, and we're out of time, and
I think it was like five grand and I spent
it all on beer. What would five grand be thirty
years ago in a four to oh one? K oh boy? Yeah?
Speaker 2 (04:35):
Be nice?
Speaker 1 (04:36):
Not smart?
Speaker 2 (04:37):
No, not smart.
Speaker 1 (04:38):
But it's okay.
Speaker 2 (04:38):
I hope he talked to you on Monday.
Speaker 1 (04:40):
She'll smish me a.
Speaker 2 (04:40):
Lot us too.
Speaker 1 (04:43):
Listen. If that happens, let us know and we'll just
take Adam's salary and bring your We just do a
pro bono.
Speaker 2 (04:49):
I mean, if I could be on Wood radio for
all the merch you guys have sent me. Yeah, no sweat.
Speaker 1 (04:53):
You're in Jill's lesseners. CBS News Business analyst, host of
Jill on Money and hopefully employed Monday. Thank you, God,
Willing
And I remember a while ago, like eight months ago,
we did an interview with somebody that said, hey, if
you're sixty and you get fired, there's a million companies
that want to bring you on board so you can
help those poor kids right out of college. Well, guess what,
those stories have dried up, and there are some folks
on the beach. As we say in our business. This
(00:20):
is West Michigan's Morning News. I am Steve Kelly. She
is CBS News Business analyst and host of Jill on
Money Jill Slessinger, Good morning.
Speaker 2 (00:29):
Good morning. So I wrote a blog post and I
started working on it early last week, so before the
job's report came out on Friday, just to be clear,
And the name of the job of the blog post
is what to do if you lose your job? And
the reason I wrote that, don't tell anyone. I worked
for CBS News and our company is consummating a big
(00:50):
sale through Paramount Global this week on Thursday. Supposedly. Okay,
so here's what I thought. Everybody has been coming up
to me at work and saying, oh my god, what
happens if I lose my job? And I said, I
better put something together, and really like go through this.
So I have at so I cannot have all these conversations. Also, Steve,
this could be my last conversation with you, because what
(01:10):
if I lose my job? You know, And so when
you're in an industry that's consolidating, you always think you
are one day away from getting the acts. Do they
say pink slip anymore? I don't think they say that
as that term anyway. So I put this post together
because I know it's very disarming to lose a job,
even if you hate it. Yeah, I mean it's like, oh,
I'm in this terrible relationship. I hate this person I've
(01:33):
been dating. I really got a break up. Then they
break up with you and you're like, what, how dare you?
It's so dare you?
Speaker 1 (01:39):
Sir?
Speaker 2 (01:39):
So anyway, it is disarming. You gotta like relax, You
have to take a breath. But there are like some
very major tasks at hand. Two big things to think about.
Number one is you need to focus on health insurance. Right,
if you got your coverage through work, you go to
your old HR person, You're like, hey, what's up with cobra.
Cobra is the ability for you to pay for your
(02:01):
own health care coverage for up to eighteen months. But
it's expensive because you know what happens in your You
don't realize it, but your employer is sort of paying
a portion of your health insurance, and if you choose Cobra,
it's all on you. So it's expensive, but at least
you got coverage first time.
Speaker 1 (02:17):
Second time I got fired, I had a contract and
I'm like, I got severance money. I giggled about that
prospect until they said, now you've got to figure out
what to do with healthcare. And I was like, oh, yeah,
exactly right. Yeah.
Speaker 2 (02:29):
And so the other thing something you didn't have available
to you way that, way back in the Stone Age
when you lost that job, was that now even if
you quit, you get fired, you get laid off no
matter what happens. If you lose your health insurance through
your job, you can qualify for a special enrollment through
the Affordable Care Act. You have to do it within
sixty days of losing your job. But you got to
(02:51):
deal with that because if something bad happens, you don't
want to be without coverage. Second thing, unemployment benefits. I'm
a friend who recently lost her job. Somehow she thought
that this miraculous happened on its own. I'm like, no, no,
this is this is not. Your boss figures out how
to do so. Each state has different rules. Check out
your own state proce. So in Michigan you've got different rules,
but generally speaking, you kind of Sometimes they have some
(03:13):
waiting periods. So just is you've got to be ready, willing,
and able to work. If you're eligible, your first payment
comes within a few weeks. Those are your two biggies,
really biggies. If you are someone who's got a bunch
of debt, you know, I don't really care what kind
of debt like. It could be a credit card, it
could be a mortgage, it could be a student loan.
Get in touch with the people you owe money too,
and say I lost my job. I need some breathing room.
(03:34):
They'll usually give you some forbearance. They really will. So
please just make sure you do that because you don't
want them coming after you. You want to be proactive.
So what about your retirement plan? You want to do
it or not?
Speaker 1 (03:46):
The yeah, I mean if it's something you need to
adjust quickly or take a look at fire away.
Speaker 2 (03:52):
Okay, So retirement plan when you have it with your
old job the most. I think that most people who
are especially if you're younger, you might think, oh, you know,
I'm just going to cash it out and take the money.
But you pay the income tax that is due on
that money. And also, guess what, there's a ten percent
penalty if you're under the age of fifty nine and
(04:13):
a half. So if your old company allows it, just
keep the money where it is. It's very easy, and
then you'll figure it out later. If you get a
new job, you can roll it over. You can put
money into an IRA rollover account. Try not to cash out.
Speaker 1 (04:23):
Learn that the hard way. Jill. So that was probably
thirty five years ago, and we're out of time, and
I think it was like five grand and I spent
it all on beer. What would five grand be thirty
years ago in a four to oh one? K oh boy? Yeah?
Speaker 2 (04:35):
Be nice?
Speaker 1 (04:36):
Not smart?
Speaker 2 (04:37):
No, not smart.
Speaker 1 (04:38):
But it's okay.
Speaker 2 (04:38):
I hope he talked to you on Monday.
Speaker 1 (04:40):
She'll smish me a.
Speaker 2 (04:40):
Lot us too.
Speaker 1 (04:43):
Listen. If that happens, let us know and we'll just
take Adam's salary and bring your We just do a
pro bono.
Speaker 2 (04:49):
I mean, if I could be on Wood radio for
all the merch you guys have sent me. Yeah, no sweat.
Speaker 1 (04:53):
You're in Jill's lesseners. CBS News Business analyst, host of
Jill on Money and hopefully employed Monday. Thank you, God,
Willing
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