Job Loss or Change

Keep your retirement savings and insurance coverage working for you, even if you are not.

No matter what your current situation, it's always good to plan ahead. There are ways to make sure your income and insurance protect your family regardless of your employment status. Having savings and insurance already in place to cover unexpected or even planned career changes can make a world of difference.

Create a plan today for a more secure tomorrow.

Take control of your financial future, no matter the circumstances. The right type of insurance coverage and a plan for moving or starting retirement savings are important links in your safety net. Take a look at how these people tailor their planning to suit their lifestyle.

Young couple with kids Single Person Older couple, older kids
  • Tripp and Darla

    Part-time working mom, full-time working father

    Age: 30, 28

    Yearly household income: $50,000

    Protecting their savings Until recently, Darla had been working full time. But after the birth of their daughter, she decided to take on a part-time job instead to spend more time at home. She was contributing to a retirement savings plan through her former employer but had to move the account when she resigned. Now that money has been rolled over into a new IRA that she opened. Her money moved without additional taxes or penalties and is now growing in its new home so she can enjoy time in hers.

    Protecting financial health Now that Darla and Tripp have less income than when they were both working full time, they need a way to plan for unexpected expenses that their employer's health insurance might not cover. They've selected supplemental health insurance to help cover medical and nonmedical expenses, from ambulance costs if their daughter would ever get injured to mortgage payments if Tripp is sick and can't work.

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  • Marcus

    Changing careers

    Age: 37

    Yearly household income: formly $44,000

    Planning for the future Marcus has been going to night school for three years to pursue a new career, and he's got a lot to consider as he finally makes the leap after graduation. He knows he'll start out at a lower salary and has to plan for what comes next. As the only child of a widow, he also understands his choices affect his mother. To help protect her finances, he's purchased a whole life insurance policy. It will cover his final expenses so she won't have to, and he'll be able to borrow against it throughout his life if emergencies arise.

    Working toward a comfortable retirement Making a career change at this stage in life alters Marcus' retirement plans. Not only will he need to roll over the money in his former employer's 401(k) plan, he is starting to explore other options so he can be in more control. He's researching annuities, IRAs and mutual funds to create a plan that not only helps him reach his goal of visiting national parks when he retires, but also works with his new budget.

    1 2
  • Jon and Julie

    Recently unemployed husband

    Age: 50, 48

    Yearly household income: formerly $60,000

    Creating a plan Jon was recently laid off from his job at the manufacturing plant, and he and Julie know their lifestyle will have to change. They understand they shouldn't use the money from his 401(k), but unemployment doesn't provide enough to cover the lifestyle they had when Jon was working. They've created a monthly budget - and strictly stick to it. By cutting unnecessary expenses like lattes, dinners out and premium cable channels, they're making their remaining income stretch further.

    Planning for the future Jon and Julie are optimistic that Jon will find another job soon. In the meantime, they've been researching investment options to help them prepare for this type of situation again. After paying their bills, they are putting any extra money, no matter how small, into a building an emergency fund. They opened a money market account at their local bank to take advantage of its interest rate and easy accessibility. Their plan is to save three months of living expenses so they'll be covered if history repeats itself.

    1 2

Here are some things to consider during job uncertainty.

A change in employment status can leave you with many questions. By learning about your options, you can create a plan and help to secure your financial future.

  • Consider supplemental health insurance
  • Explore IRA options
  • Protect family with life insurance
  • Can you afford to miss work if you are critically ill or injured?

    You have health insurance, but it doesn't cover everything. And it certainly doesn't cover costs to pay for daily life if you're in a severe accident. Do you have a prescription for your financial health?

    1 of 4

  • Supplemental health insurance can help fill coverage gaps such as co-pays, deductibles and nonmedical care (e.g. transportation and nonmedical housing).

    2 of 4

  • Supplemental health insurance can give you peace of mind

    1. 1. Examine your current health insurance to determine what gaps might need to be filled.
    2. 2. Determine whether you would need supplemental income to pay for daily living if you were unable to work due to injury or critical illness.
    3. 3. Consider what you can afford in monthly premiums.

    3 of 4

  • Can you afford supplemental health insurance?

    Payments can start as low as $20 per month. Adding more coverage would increase your payments, but it can also be a simple way to help keep you and your family financially secure.

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  • Will your finances be ready for retirement when you are?

    Hard work deserves to be rewarded. Whether retirement is right around the corner or decades away, your money needs to get its job done too. What growth opportunities are you giving your savings?

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  • Your lifestyle may change during retirement, but you'll still have to cover expenses. An individual retirement account (IRA) may help provide the income you need to meet your goals.

    Target Retirement Income

    2 of 4

  • IRA fundamentals

    1. 1. A tax-advantaged way to save for retirement.
    2. 2. You can choose the investments in your account, like mutual funds, stocks or bonds, based on your risk tolerance.
    3. 3. Restrictions on withdrawal time frames encourage use as a retirement funding plan.

    3 of 4

  • Start now to get ahead

    4 of 4

  • What will happen to your family if something happens to you?

    You work hard to keep them safe and provide a home where memories are created. Yet the unthinkable could happen and your family could face life without you. Find out how you can make sure they'll be taken care of.

    1 of 4

  • Life insurance can't replace you, but it can help cover expenses left behind

    2 of 4

  • Protect your loved ones with life insurance

    1. 1. Determine how much financial coverage is needed to support your family.
    2. 2. Decide the length of time you want your family protected.
    3. 3. Consider what you can afford in monthly premiums to fund your policy.

    3 of 4

  • Small steps today can provide big help tomorrow

    4 of 4

Things To Think About

Belt-Tightening That Doesn't Pinch
Keep these ideas as you begin the adventure of paring down your spending.

Follow your own priorities. Focus on cost-cutting techniques that are right for you. Consider:
- Your biggest expenses. Reducing them even a little bit could free up lots of dollars.
- Stuff you won't really miss. Magazines you subscribe to but don't read are a prime target, and so are extra cable channels that you don't watch often.
- Unconscious daily spending. Your morning coffee and paper might only cost $3, but over the course of a month that adds up to $60 - enough to pay the phone or cable bill.

If you can't eliminate an expense, try reducing it.

Make friends with folks who are also cutting down, and trade tips with them.

Talk through the budget with your spouse and kids to have everyone on board. This process will help make decisions easier, especially when a team effort is needed.

How to Track Expenditures
Follow three simple steps:

1. Every time you get money or spend it, document where, what, when, and how much. (Free online tracking tools: Mint, Yodlee, Wesabe or iXpensit app for iPhones.)

2. Write out a list of categories for your spending. You can include whatever categories make sense to you. (For example, some people might have groceries, dining out, work lunches and snacks. Others might just have food.)

3. After a few weeks, add up how much you spent in each category. Take note of any expenses that happen repeatedly, and start to plan for them so you aren't taken by surprise.

How Often Should You Adjust Your Life Insurance Policy?
A good rule of thumb is to recalculate your life insurance needs once a year, or more often if there's a major change in your life. If you're self-employed or own a business, you might also have business-related expenses to cover.

Think about adjusting your policy when:
- Your salary changes
- You start or sell a business
- Your spouse's job changes

Making a Savings Plan You Can Stick To
Whether you're trying to get out of debt, save for retirement, or accomplish any other financial goal, you need a plan. Making a plan you can stick to takes several steps:

1. Know where you are now. Before you do anything else, make a quick list of all your goals. This is also a good time to start tracking your spending and list out any debts you might have.

2. Prioritize your goals. Think about which of your goals are most important to you and which are the most urgent. Fund the most important first.

3. Break up big goals into smaller ones. Dividing up a huge goal gives you more victories to celebrate, and also makes the goal feel more real.

4. Keep it realistic. It's better to meet a good goal than fall short of a great one. If you do a thorough job on the first two steps above, you'll have all the information you need to create workable, realistic goals.

5. Be open-minded. If you don't have enough money to meet your goals, you'll need to tweak your plan further. You might need to change some of your money habits or adjust your goals, or both.

6. Examine and readjust. Once you've put your plan in motion, keep an eye on it to make sure it runs smoothly. It's good to revisit your goals a couple times a year - to tweak them or just inspire yourself.

Securities offered by Personal Financial Representatives through Allstate Financial Services, LLC (LSA Securities in LA and PA). Registered Broker-Dealer. Member FINRA, SIPC. Main Office: 2920 South 84th Street, Lincoln, NE 68506. (877) 525-5727.

Life insurance issued by Allstate Life Insurance Company, Home Office, Northbrook, IL; Lincoln Benefits Life Insurance Company, Lincoln, NE. In New York, Allstate Life Insurance Company of New York, Hauppauge, NY.

Please note that Allstate Life Insurance Company or its agents and representatives cannot give legal or tax advice. The brief discussion of taxes on this page may not be complete or current. The laws and regulations are complex and subject to change. For complete details consult your attorney or tax advisor.

You should carefully consider the investment objectives, risks, charges and expenses of mutual funds before purchasing shares or investing money. Additional information about these and other subjects can be found in the mutual fund prospectus. To obtain a prospectus, please contact your Allstate Personal Financial Representative. Please read the prospectus carefully before purchasing shares or sending money.

Bond investments are subject to interest rate risk such that when interest rates rise, the price of bond fund shares can decrease and the investor can lose principal value.

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