Solutions 4 Financial Independence: 07/26/18

Published: Jul. 19, 2018 at 3:46 AM EDT
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Question: I’ve worked for my company for 30 years and just got laid off. What should I do?

Answer (John Halterman, Beacon Wealth Management): “I am sorry to hear that, I know 30 years at one company is a big deal. Especially in today’s world where people change all of the time. Definitely after 30 years you need to take a very comprehensive assessment of your financial situation. It is a big deal at this point to determine are you going back to work, or are you going to retire? You have to take this comprehensive assessment.”

Question: Are there a few steps he should take to make this decision?

Answer (John Halterman, Beacon Wealth Management): “The first thing you have to decide is do you have enough money now that you could retire? What you have to be thinking about is if I were to retire what is my retirement income strategy? Where am I going to be pulling this money from?

The second thing you have to be thinking about is the fine print on your current benefits. People just assume that they can take money out or they can do whatever. But how you do things is going to determine how the taxes are going to be paid. You have to understand how your employee benefits are going to work.

Another thing is, you have to be thinking about what is my health care? At 30 years, I don’t know exactly the age, but if you’re not 65 you have to be thinking am I going to pay for my health care? Am I going to be on a cobra plan? Am I going to go to Obamacare? What is the situation?

Another thing, if you can’t retire what you have to be thinking about is if I am going to stay in the game, what am I going to do to stay network? You have to think about things like have I updated my LinkedIn profile? Do I let people know exactly what my skills are? If you’re going to be in the game you have to make sure people know that you have the ability to combat and be strong.”