Jul 21, 2022
There is so much career change happening for so many people right now. Finding yourself between jobs can be stressful, whether that’s because you were laid off or needed to step away. Today we’ll talk about the challenges, opportunities, and questions to ask when you find yourself between jobs.
One question you might ask is, is it time for a new career? The last couple of years a lot of people have asked this question. For those close to retirement, it might mean finding something just for the next couple of years to pay the bills. Maybe you can become a consultant.
Is this the right time to become self-employed? There are more self-employed people now than there have been in our country’s history. There are a lot of things to think about when you become self-employed. Do you know what goes into it? Think about the tax side of it as well as what it will be like to pay employees and still save for retirement.
What will you do about health insurance? Without health insurance through your employer, you’ll have to figure out how to get coverage. You may qualify for COBRA to stay on your employer’s health insurance plan for some time, but it is costly. If you are a few years out from retirement, you’ll want to know what to expect with Medicare costs.
Should you do a 401(k) rollover while in between jobs? This might allow you to have more control over the money. Be sure you understand the rules and possible penalties for the rollover process. What happens if you need some of that money before you retire?
Finally, if you have a severance package, how do you handle it? All of that has to be part of a comprehensive and well-thought-out plan. Have a conversation with a financial advisor to build a successful plan.
What we discuss in this episode:
0:42 - What happens when you’re between jobs?
1:31 - Is it time for a new career?
5:31 - Is now the time to work for yourself?
8:00 - What will you do about health insurance?
10:50 - Is it a good time for a 401(k) rollover?
14:52 - How do you handle the severance package?
16:22 - What should you do about taxes?
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