I interact with numerous Fortune 500 employees who are retiring or losing their employment in my capacity as a recruiter. I can attest from personal experience that experiencing unemployment can be a significant event. Your thoughts are racing and you are unsure of how to proceed. As a result, the measures you undertake prior to leaving Fortune 500, such as securing employment with the organization's personnel, may prove indispensable for a seamless transition. It is advisable to consult with a financial advisor within the AT&T window of fourteen days. Procrastination until one loses employment may prove detrimental in the long run. Because the psychological toll of unemployment can be overpowering, it is critical to initiate preparations without delay. Since the conclusion of your twenty-year association with AT&T, the relationship has come to an end.
Sponsored Content: The Retirement Group
Bereavement and retirement or employment loss impact the same brain receptors, especially among those who have accumulated more than two decades of service. Job-losing individuals experience the identical five phases of bereavement. Individuals will undergo a series of emotional states to cope with unemployment, including denial, rage, bargaining, melancholy, and acceptance. Kindly refer to the AT&T Job Loss page for a more extensive analysis of this subject matter.
As one becomes cognizant of the actual circumstances, an array of emotions will consume them. Anger can be an enticing emotion to verbalize, as one may experience intense distress followed by mild irritation. Bear in mind that impulsive behavior almost never results in a positive outcome and can worsen an already challenging situation.
To assist you in navigating a job loss, the article Losing a Job at AT&T provides the following ten suggestions:
1. Find out Where You Stand -- Before vacating your employer, ensure that you have a thorough understanding of your employee rights. An examination of benefits, severance packages, and pension plans is necessary in order to ascertain one's eligibility for government and employer-provided entitlements. Before departing the organization, it is advisable to conduct a budget and cash flow projection to ascertain whether further employment is required.
2. Review Your Finances and speak with a Retirement Specialist -- Ascertain the financial requirements of your new position, including whether part-time or full-time employment will be necessary, through the utilization of a cash flow projection.
3. Rally Your Supporters --Employ LinkedIn as a means of engaging with your audience. Your natural reaction to distress or embarrassment might be to retreat and conceal oneself. A positive-oriented support group, family, friends, former colleagues, and career counselors can all be of tremendous assistance in reassessing your situation.
4. Be Kind to Yourself --Managing the emotional turmoil that accompanies a job loss is vital. Equally imperative is the maintenance of one's physical well-being through regular exercise, a nutritious diet, and adequate relaxation.
5. Restructure Your Situation -- Restructure Your Situation You must restructure your situation in order to move forward so that you no longer perceive yourself as a victim and do not consider job loss a defeat. With conviction, redirect your focus from the position you have just lost to the position you wish to attain. Confidence will be crucial to the achievement of your fresh start.
6. Assess Your Goals -- Evaluating Your Objectives Currently is an opportune moment to contemplate your future strategies. Acknowledge the chance to reassess your professional goals, ascertain your personal values, and identify your predilections and areas of interest. You may choose to reaffirm your values or pursue an alternative course of action.
7. Create a Plan--Determining how to reach one's desired destination is the second stage, after establishing one's destination. You are required to formulate a job search strategy.
8. Magnify Your Job Hunting Skills --AbilitiesIt is advisable to thoroughly review and revise your cover letter and resume in advance of the interview. It is of the utmost importance that your resume is current, succinct, clearly articulated, and precise, as it will be put to excellent use.
9. Search the Job Ads-- Extending your search beyond your intended field of study may unveil supplementary prospects in associated industries that were previously elusive to you. For instance, an individual with prior experience as a news anchor could potentially secure employment as a radio presenter.
10. Keep Being Positive -- Following the resolution of the initial startle reaction, it is imperative to regain composure and formulate a plan for progressing. You are returning to us!
Now that we've covered the 10 guidelines for surviving a job loss, here are a few things to do before leaving Fortune 500, including AT&T:
1. Sit down with your spouse (if you have one) or on your own, Conduct a financial analysis in the company of your spouse (if you are married) or by yourself if you are single. Currently could be an opportune time to reach out to a financial planner who possesses extensive knowledge regarding the AT&T Plan. Financial transactions involving acquaintances and family members should be avoided. Companionship and wealth are mutually incompatible. Please contact me via email or LinkedIn if you require a referral.
2. Contact your Credit Union or Bank and consider opening a home equity line of credit. Many of you have spent your entire lives in the workforce; therefore, you would never contemplate doing this... Obtaining credit becomes exceedingly difficult, however, once one is unemployed; therefore, this course of action is critical.
3. Review your 401K contributions, should you have made any. It is advisable to consult with a financial planner in order to ascertain whether it is more prudent to increase your payroll contributions for the remaining duration of your employment or to completely discontinue them (with the intention of amassing more instantaneous cash). There may be significant tax ramifications for your actions. Whether or not you discontinue contributing may place you in a significantly higher tax bracket due to unemployment, severance pay, or other factors. Please refer to this article for further details regarding 401Ks.
4. One item that many people are unaware of is that you do NOT have to file for unemployment immediately. The timing of your layoff and your financial situation may determine whether delaying the filing of your unemployment claim until the subsequent tax year, during which your overall income will be reduced as a result of unemployment, is advantageous. Prior to undertaking any action, there exists an interminable array of circumstances that require contemplation. It is advisable to consult a retirement specialist regarding your options. For further details regarding timing, please refer to the provided link.
5. Unless you believe that your termination was justified, you should consult with an attorney regarding your legal options. Arguing with supervisors and colleagues is momentarily gratifying, but ultimately detrimental to one's professional trajectory. Why now, after devoting so much time to cultivating relationships, would you choose to demolish them?
6. Formulate a strategy to address the deficiencies in both your LinkedIn profile and resume. When one is actively pursuing employment, having a job significantly facilitates the process of discovering their next adventure. In the interim, contemplate pursuing a consultant role as a means to support yourself until a permanent position becomes available.
7. Establish your conversational line, formulate a backup statement, and rehearse uttering it while maintaining composure. We expect that you will refrain from experiencing emotional distress or expressing strong emotions in response to this inquiry from acquaintances and friends. You must maintain composure and a professional demeanor at all times, and refrain from doing anything that could jeopardize your integrity or reputation, regardless of how terrible you may feel.
Added Fact:
For individuals nearing retirement or facing job transition, it's important to note that the Medicare enrollment window begins three months before turning 65 and extends three months after. Missing this window can lead to permanent penalties and gaps in healthcare coverage. Given the potential for health care to become a significant expense post-retirement, understanding Medicare options and timing is crucial. According to the Kaiser Family Foundation (KFF), as of a 2020 report, healthcare costs in retirement can average approximately $5,000 annually per person, not including long-term care. Strategic timing of Medicare enrollment can optimize benefits and reduce out-of-pocket costs as you transition out of Fortune 500 employment.
Added Analogy:
Approaching retirement or a career transition from a Fortune 500 company like AT&T is akin to preparing a luxury ocean liner for its maiden voyage. Before setting sail, a captain must ensure the ship is seaworthy by reviewing critical checklists: the hull’s integrity (your financial security), the navigation charts (understanding your retirement benefits and Medicare options), the crew’s readiness (establishing a network of advisors and supporters), the stores and provisions (ensuring liquidity and cash flow), the passenger list (consulting with family about the journey ahead), and the weather forecast (anticipating market conditions). Just as the captain prepares for eventualities with lifeboats and safety drills (legal and health care plans), so too must the soon-to-be retiree or job changer prepare for the next chapter. Every element checked off the list is a step towards a smooth voyage into the horizon of post-career life, ensuring that the transition is as seamless and rewarding as the career that preceded it.
Sources:
- The Retirement Group or www.theretirementgroup.com
- “Retirement Plans-Benefits & Savings.” U.S. Department of Labor, 2019, www.dol.gov/general/topic/retirement.
- “Generating Income That Will Last throughout Retirement.” Fidelity, 22 Jan. 2019, www.fidelity.com/viewpoints/retirement/income-that-can-last-lifetime.
- AT&T Nonbargained Summary Plan Description, 2017
