As many companies such as Citigroup, Fidelity, Merck, Sun Microsystems, Yahoo and many others are planning major layoffs, Allgen Financial Services, Inc. is planning on helping to ensure these individuals make a proper financial transition.
So often when individuals leave a company they also leave their 401(k) or retirement account behind. Their retirement account is unattended because the primary focus becomes finding a new job to continue generating short-term income. However, it is unwise to ignore the current financial resources already attained.
To put things into perspective: If someone has $300,000 in their 401(k) and it drops by 5%, they will have lost $15,000. Doesn’t it make sense to spend some time evaluating how to best navigate the necessary financial transition when in the middle of a job transition?
Allgen wants to encourage people being laid off to consider making a financial transition a priority as well. Basically, don’t let the emotions of being laid off prohibit you from determining what to do with the resources you have already been able to acquire. A $15,000 loss can potentially take a full year or more to recapture.
If you have not already spent the time looking at your retirement account and getting professional advice, now might be a good time to start.
Additional Resources:
http://www.nytimes.com/2008/11/18/business/18citi.html?_r=1
http://www.nytimes.com/2008/11/15/business/15bizbriefs-FIDELITYLAYO_BRF.html
For professional investment advice on this topic contact:
Allgen Financial Services, Inc.
888.6ALLGEN (888) 625-5436
advisors@allgenfinancial.com
www.allgenfinancial.com
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