Steps to Security After Job Loss

You got a pink slip.  Figuring out the answer to the question, “Now, what?” seems like the hardest job you’ve ever faced.  Take a deep breath.  You can take steps to ensure your financial survival during this period. 1.  Bring your family in on the plan This is not the time to put on a brave face for the rest of the family. Even the kids need to be part of the discussion of...

Extended Unemployment Compensation: DEMYSTIFIED!

The Federal Extension of Benefits in Illinois was further extended due to the enactment of the American Recovery and Reinvestment Act of 2009 (ARRA).  Here’s what you need to know: When your regular benefits exhaust, a federal extended benefits claim will automatically be established on your behalf.  If eligible, you will be entitled to up to 33 additional weeks of unemployment...

DEDUCTING JOB HUNTING EXPENSES

Finding a job can be time-consuming and frustratingly difficult in this economy. On top of that, it can get pretty expensive. If it’s any consolation, some of the costs you incur while searching for a job may be tax deductible. Here’s how to determine what expenses qualify: Not All Job Seekers Qualify: The “Same Occupation Rule” Sorry, career-changers. While it may seem unfair, the tax...

Is Job Loss Protection Worth It?

Call it anxiety marketing. Sellers of big-ticket items have been rolling out special deals that basically amount to layoff insurance. The gist: If you’re let go soon after making a purchase, the company will either help you with the tab or let you wiggle out of the obligation. Automakers, airlines, and even homebuilders have all been pushing the no-worries pitch. Some promotions have come...

5 Ways to Beat the Rising Costs of Health Care

It seems that in good times and bad, you can count on health-care costs to defy economic gravity. According to benefits consultant Hewitt, the average insured worker at a big company is likely to spend $3,826 on insurance premiums and out-of-pocket medical costs in 2009. That’s up 9% from last year, a remarkable figure when you consider that inflation overall is pretty close to zero. So for...