Laid off? Action steps to take now!

The following are several key steps you can take to get back on the career path, maximize financial resources and protect your retirement savings.

Count your pennies (and other resources)
Start by assessing where you are financially. Did you get a severance package? How long will this money last without a change in lifestyle or living conditions?

What about health benefits? The federal Consolidated Omnibus Reconciliation Act of 1986 (COBRA) requires employers, under many circumstances, to offer group health benefits to laid-off employees for specified periods of time, but they are not required to pay for them.¹ Can you afford to purchase these on your own? Are you married? Check and see if you can be covered under your spouse's health insurance. Do you belong to any groups or associations where you might find less expensive coverage?

Do you have children? If so, you might be able to get financial help through the Connecticut Department of Social Services. Among other programs, this department administers food stamp programs and health insurance programs for uninsured children.

Can you reduce your spending? If you've never made a budget, now is a good time to do so. For tips on starting a budget click here.

Claim Your Unemployment Benefits
If you've worked for any significant period of time you may be eligible for unemployment compensation. This won't equal what you were earning, but at least it is something!

Unemployment compensation is paid through the State Department of Labor. The funds come from taxes paid by the employers.

Claims should be filed as soon as possible. The amount you will receive is based on recent earnings and generally lasts for no more than 26 weeks. More details on the weekly benefit rate can be found at the Labor Department's web site www.ctdol.state.us.

Finding A New Job
Now, your full-time job is to find new employment. There are scores of job search engines and career advice sites to be found on the Internet. Local libraries have books and other reference sources on writing resumes, finding employers and even interviewing skills. The Connecticut Department of Labor offers job search assistance and has information on other programs. Just a few of these resources can be found at:

• Connecticut Department of Labor
• monster.com
• careerbuilder.com
• rileyguide.com

And don't overlook local employers' websites in your job search. The career section of peoples.com is updated regularly and includes information on the company and benefits for full-time and part-time employees. Click here to see the latest listings.

Protect Your Retirement Savings

Your years of working probably meant years of saving for retirement. As tempting as it may now be to dip into that 401(k) or IRA, avoid it unless it is absolutely necessary. Withdrawals from these account will most likely be taxed and result in addition penalties if you are under age 59 1/2. You also risk a significant set-back in your retirement planning.

People's Financial Advisors can help by reviewing your current retirement accounts. You may want to roll-over your 401(k) from your previous employer to an IRA or combine retirement accounts if you've had multiple employers over the years. Call us at 1-800-392-3009 to schedule an appointment with a Financial Advisors or visit any People's United Bank Branch in Connecticut.

People's Financial Advisors is a division of People's Securities, Inc. Investments & Insurance are available through People's Securities, Inc. (member FINRA and SIPC), a subsidiary of People's United Bank.