""Oftentimes you are paid out in a lump sum, and it creates a false sense of security, because you're being paid out like three or six months of paychecks all at one time," she says."
""Make sure you enroll in unemployment and review your plan for your health care. Depending on if you get a severance package or what that looks like, you may not have to make any changes, or you may have to enroll in COBRA (Consolidated Omnibus Budget Reconciliation Act) right away. And if you don't do that, then you can lose your coverage.""
""fork in the road""
Sudden income loss can come from political shutdowns, mass resignations, or AI-driven displacement, leaving workers furloughed, unpaid, or voluntarily exiting. Review severance packages carefully because lump-sum payouts can create a false sense of security and require disciplined budgeting. Enroll in unemployment benefits promptly and assess health insurance options, including immediate COBRA enrollment when necessary to avoid losing coverage. Create a detailed financial snapshot that lists monthly obligations, cash reserves, and essential expenses. Prioritize protecting healthcare, stretching severance or savings, and adjusting budgets while seeking new income or short-term financial assistance.
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