1. Get your personal stuff out of the office - now.
Make a list of all employee benefits you currently have available / use like:

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2. Get it in writing
Get a listing of the benefits your employer will provide you after you leave. 
Use the following checklist:

And if this a site closing:
Ask if the action is subject to coverage under the Plant Closure Act. This could get you special pay and other coverage.
Get the name, phone, address, etc. of the proper person for you to contact with future questions. Be sure to ask – in writing – for anything you need. Keep copies of your request.

But if you’re changing jobs:  
Request information from your new employer on all benefits they provide and eligibility requirements.
Which are you eligible for? When? Any qualifying requirements?
Review the offerings and select the benefits you want. Keep a copy of your paperwork.
If you have a plan distribution from your former employer, DO NOT accept money or checks made directly to you. It will cost you BIG Taxes. Arrange to have the money transferred directly to an IRA or your new job’s plan. RetireMite™ helps here.

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3. Communicate 
Tell your spouse what has happened and what you expect will happen.
Network. Make a list of contacts, personal and professional. Tell them.
Eligible for unemployment? Make a trip to your Unemployment Compensation Division. You paid for those benefits. Use them.
Have confidence.  No matter what has happened, you've made it this far, haven't you?
Don't wait for someone to knock on your door.  Knock down a few of your own.

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4.  Review Your Retirement & Get Organized 
If you've never done anything for retirement, don't wring your hands.  Do something about it.  It's not too late until you’re 65 (or 66 or 67).
Take advantage of the opportunity.  This may be the best and only chance you'll have to orient, organize and realign your goals.  And maybe do a little fishing.

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5. Identify Resources & Consolidate Finances
Locate all your records from your current employer. Have them handy to validate the information your employer provides you later.  

Get organized...gather all your financial records.  RetireMite™  tracks this for you. Check your retirement investment plan. Consolidate where you can.

Pool your retirement accounts... and IRA’s into as few accounts as possible: regular with regular, Roth with Roth. DO NOT MIX account types - if you have one or more  'Rollover IRAs' from Qualified Retirement Plans - keep them separate for two reasons - the first is taxes - and second, if you want to put a distinct rollover into another plan, you can– if you mix types, you can’t.

Don't exceed Federal Insurance limits... at any institution- that's $100,000 at banks, Savings and Loans, and Credit Unions. Most brokerage accounts are privately insured – but it varies and it covers only stuff like fraud – not stupidity, day trading or poor investments.

Distributions and IRA’s... It could be 6 months before you get any distributions. Move them along - get the paperwork done right away! And open rollover IRAs now.  DO NOT accept money or checks made directly to you.

Use RetireMite™   for tracking.

Distributions from Pension Plans should go into their own IRAs. If not, you lose 10% and pay taxes, too.

Distributions from plans you contribute to (401(k)’s, etc.) should go into a separate IRA.

Some plans let you leave your money in the plan. That’s OK if you like what they offer and you trust them. It’s insured, but there are no guarantees in life.

Open or continue using a contributory IRA... if you’ve been investing in an employer plan, don’t stop – just save it in the IRA. Even if you use after-tax dollars, keep going!

Look at your current financial situation... Do you have an emergency fund? 6 months’ worth. Do you need re-education/re-training? Are you a veteran? Unemployment Divisions have Vet Counselors available.

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6.  Use  good-info resources

Going into business for yourself? Keep track of all your retirement stuff with RetireMite™   Talk to an accountant.  If you don't have one, ask someone you know to recommend one. Talk to your lawyer. You may need to protect yourself and your personal assets. Set-up a business retirement plan. Contribution limits could be higher than your old 401(k).

Professional Investment Help It's your money and your retirement.  We don't recommend turning your money over to anyone to manage. But if you must, then make sure you get regular, timely statements from the professional AND from the institution holding the investment (usually a Trust company).  And make sure YOUR name is on the statement.

Check ’em out! -  with other clients, the trustee/custodian, the State agency regulating the firm, the Better Business Bureau, etc. Get a list of questions to ask. Compare your investments from statement-to-statement. Be sure you know about and understand all the changes. Get explanations for any major changes in value.

Be sure you understand  how your money will be invested. If it sounds exotic, and you don’t get a good explanation, rethink your decision. Or find another professional to give you an independent interpretation. back to the top