Post-Layoff Financial Triage
Just lost your job? Here's what to do first.
Tell us about your situation
$
Hourly? Multiply your hourly rate × typical weekly hours × 52. Or use box 1 from your most recent W-2.
People who live with you and depend on this income — including yourself.
This affects COBRA eligibility and WARN Act protections
Frequently Asked Questions
How long do I have to sign a severance agreement?
If you are 40 or older, the Older Workers Benefit Protection Act (OWBPA) requires employers to give you at least 21 days to review the agreement (45 days for group layoffs) and 7 days to revoke after signing. Workers under 40 are not protected by these specific time requirements — read the agreement carefully before signing any severance that waives legal claims.
What is COBRA and how long can I stay on it?
COBRA lets you keep your employer health insurance for up to 18 months after a job loss — but you pay the full premium (what you paid plus what your employer paid), which is typically $600–$800/month for an individual and $1,700–$2,000/month for a family. Compare COBRA carefully against ACA marketplace plans, especially if your income dropped significantly — you may qualify for subsidized coverage.
Should I roll my 401(k) to an IRA or cash it out?
Almost always roll it over — do not cash out. Cashing out a 401(k) triggers federal income tax plus a 10% early withdrawal penalty (if you're under 59½), costing you 30–40% of the balance immediately. Rolling to an IRA or your new employer's 401(k) preserves the full amount tax-free. The calculator shows the dollar difference for your specific situation.
How soon can I start collecting unemployment benefits?
Most states have a 1-week waiting period after you file before benefits begin. Benefits are typically 40–50% of your average weekly wage, capped at a state maximum. File immediately after your last day — do not wait. Benefits are generally available for 12–26 weeks depending on your state and the economic climate.
Does severance pay affect my unemployment benefits?
It depends on your state. Some states reduce or delay unemployment benefits during weeks you receive severance pay; others treat them as separate. Lump-sum severance is usually treated differently than continuing pay. Check your state's rules — your state unemployment office can answer your specific situation.
What is a WARN Act notice and am I entitled to one?
The federal WARN Act requires employers with 100+ employees to provide 60 days advance notice before mass layoffs (50+ employees) or plant closures. If you didn't receive notice, you may be owed up to 60 days of back pay and benefits. Many states have 'mini-WARN' laws with lower thresholds. If you were laid off without notice in a mass event, consult an employment attorney.
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