‘He’s just a few months shy of turning 62, lives in California, and received a severance package.’: My cousin was laid off. How can I help him navigate this unexpected setback?

Hi Money Minder,

Hey there! My cousin recently got the boot from his job and he’s feeling a bit lost. My siblings and I are willing to lend a helping hand, but we want to make sure we’re covering all our bases.

He’s almost 62, living it up in sunny California, and got a nice little severance package.

Our checklist so far includes nabbing those unemployment benefits, tracking down his retirement funds, sorting out health insurance, getting his bills in order, and digging into that severance package.

Anything else we should keep in mind or tackle? We’re all newbies at this, so any advice would be awesome. Thanks a bunch!

Catch you later,
Savvy Sibling

Response from THE MONEY MINDER:

Hello There,

I’m sorry to hear about your cousin’s situation, but it’s great that you and your siblings are stepping up to help him through this challenging time. Your checklist is a good start in tackling the important areas like unemployment benefits, retirement funds, health insurance, bills, and the severance package.

In addition to those items, it might be helpful to look into potential job opportunities or resources for older workers in California. Websites like California’s Employment Development Department can offer valuable information on job search strategies, training programs, and workshops that could benefit your cousin as he navigates the job market.

Another crucial aspect to consider is creating a budget together to ensure his finances are managed effectively during this period of transition. This includes outlining his monthly expenses, identifying areas where costs can be minimized, and setting realistic financial goals.

Moreover, it might be beneficial for your cousin to explore financial counseling or guidance to gain further insights on how to best utilize his severance package, retirement funds, and any other resources available to him.

Remember, taking small but practical steps can help your cousin feel more empowered and better equipped to face the challenges ahead. You’re already on the right track by offering your support and seeking out information to guide him through this process.

Best of luck to you and your cousin as you navigate these next steps together. If you have any further questions or concerns, feel free to reach out for more assistance.

Farewell from THE MONEY MINDER.