With Boeing announcing layoffs over the course of the last year, people are understandably concerned for their future. If you find yourself in the unfortunate situation of losing your job, there is a lot to process. Your mind is racing and you simply just don’t know how to operate. Loss of a job, especially for those with over 20 years of service, affects the same receptors in the brain as the loss of a loved one. It is completely normal to feel a little overwhelmed.
The same five stages of grief apply for the employee going through job loss, denial, anger, bargaining, depression, and acceptance are a part of the framework that makes up our learning to get through the loss of a job.
As the reality of the situation settles, your emotions will be a mess. You might feel upset one minute and annoyed the next, and it can be tempting to vent your frustrations. Remember, acting upon impulse almost never turns out well and can make a difficult situation ever worse.
Here are a few items to check off before leaving Boeing:
Sit down and analyze your finances (If you have a spouse involve them in this process). This may be the perfect time to reach out to a Financial Advisor who knows the Boeing plan in detail. Avoid doing financial business with friends or family. Money and friendships do not mix. Contact me on LinkedIn if you need a referral.
Call your Credit Union or Bank and consider opening a line of credit against your home equity. Consider opening any additional credit cards to create an emergency money fund. As many of you have been employed your whole life, you won’t think of doing this… but once you are unemployed, it becomes exceedingly difficult to get credit making it very important you take this line of action in advance.
Go over your 401(k) contributions, if you were making them. We recommend seeking the guidance of a Financial Advisor to go over whether or not you should increase your contributions for your remaining time on payroll, or cease them entirely to build up more immediate cash. How you proceed may have big tax implications. On one hand, depending on how you stop contributing, you may end up in a much higher tax bracket due to your severance payment, unemployment, etc.
Many people are unaware of this but, it’s not always beneficial to file for unemployment immediately. Depending on the time of year you are laid off, paired with your financial situation, it could be beneficial to wait to file your claim so that your unemployment payments fall on the next tax year, when your overall income is lower due to the fact that you’re unemployed. There are an overwhelming number of situations that you want to consider before making a move on this. We recommend speaking with a Retirement specialist to go over your options.
Unless you believe your layoff was deserved, speak to a lawyer to go over your options. Venting your anger at managers and colleagues may feel amazing temporarily, but it will damage your career in the long run. You spent all this time building up your relations, why burn them now?
Have a plan for how to fill the void on your LinkedIn profile and your resume. If you are pursuing a new job, having a job makes it much easier when finding your next adventure. In the mean time, you might consider becoming a consultant until you find a permanent position.
Figure out what you will tell people, create your go-to statement and practice it, so you can say it without crying. It will be normal for friends and acquaintances to ask, and we assume you won’t want to burst into tears or lash out every time the question is popped. However horrible you feel, it’s crucial to remain calm and act professional, and try to avoid doing anything that might hinder your reputation or integrity.
Want to learn about the different stages of retirement? Visit: https://techstaffer.blog/2019/11/14/boeing-stages-of-retirement/
If you’d like to read about survivor benefits, visit: https://techstaffer.blog/2019/11/28/survivor-checklist-how-your-spouse-can-receive-boeing-benefits-after-your-death/
Wondering if you should work in retirement? Visit: https://techstaffer.blog/2019/12/05/life-after-boeing-should-i-work-in-retirement/
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.
BA Summary Plan Description, 2017
