The coronavirus has caused many companies to furlough and lay off employees. If you have recently lost your job and had a 401K, there are important financial considerations you should be aware of. Unexpectedly losing your job is never easy, and it can be particularly hard on older workers, especially if you were planning for retirement. You may now be rethinking your retirement plan and wondering what to do to protect yourself financially for the short-term and the long-term. Your 401(k) is likely an important part of your retirement plan, so it’s important to know what to do with it after you’ve left your job.
This Guide Will Cover:
- Options for your 401(k)
- What to do with company stock
- How to take advantage of the CARES Act 401(k) and IRA provisions
- How to address immediate concerns if you’ve been laid off or furloughed
- A potential Social Security claiming strategy for those who have lost their jobs
- Ways to minimize your taxes