Expect the Unexpected: What to Do if You are Laid Off

Job layoffs are instances most workers are not prepared for. It’s important to understand what comes next, so you can manage financial changes. Sometimes layoffs are company-wide, which can displace whole departments and negatively affect the broader community. Sometimes the only job cut is your own, and it can be easy to feel lost without support. Whether you have been laid off recently, are concerned that you might lose your job in the future, or know someone who has been affected by layoffs, ATLAS CPAs & Advisors is fully equipped to identify financial risks and create a unique plan to help you stay afloat.

Our Partner from ATLAS LPG (the Lifestyle Planning Group), Michael Abbate, expresses, “If you only look at one platform or source for information, you’re not getting the full picture.”

ATLAS CPAs & Advisors is committed to providing you with accurate information with diverse insights, prioritizing YOUR unique lifestyle, and advising a financial plan that fits YOUR life the best. Our LPG team has helped displaced workers transition their finances, including retirement and investment accounts. Although layoffs are scary, we can help you plan for the unexpected. Below we offer a friendly reminder of how your life could be affected if you find yourself in the position of being displaced; and what ATLAS can do to ease some of the burden.

Financial Changes Displaced Workers May Face:

• Must transition retirement savings from a work retirement plan to a rollover IRA
• If your industry is significantly increasing layoffs, you may not find a replacement job that is relevant to your field
• Might need to sell assets (such as a home or car) to manage finances
• Apply for unemployment to financially sustain oneself while finding new employment
• If layoffs occur within a large corporation largely based in one location, the city may face a significant decrease in tax revenue and slight decrease in economic stimulation

What ATLAS Can do to Help You:

• Smoothly transition your retirement funds into one that is right for your lifestyle
• Assess what areas are at risk in your financial planning and identify solutions
• Ensure uniqueness and financial stability for every client using our advanced financial planning software

“94% of financial services close shop within the first 5 years of business,” Abbate explains. Luckily, ATLAS is not new to the game. Our advisors have provided accounting solutions for over 15 years, assisting clients by analyzing historical financial trends and offering insight into best practices. ATLAS can help you through “the unknown,” and while you may only have a few tools yourself, we are happy to share our toolbox of knowledge with you and anyone else in your life who may find themselves in this situation.

A special thanks to our ATLAS Partner, Michael Abbate, for his contributions to this article.