Find Military Friendly Jobs

Related Veteran Jobs Content

Hot Career Advice

  • Doctor greets a patient with a handshake.
    The Top 10 Paying Jobs in the US
    Military.com
    What are the highest paying jobs in the U.S., based on median annual salaries? Some of the results may surprise you.
  • ExecutiveHRjobs
    Management: Top 10 High-Paying Jobs
    Military.com|
    Following their time in the military, many veterans feel they are meant be managers. Here are 10 high-paying jobs in management.
  • Upcoming Job Fairs
    Military.com
    Attend a Job Fair in Your Area If you hear about a veteran job fair that's not on this list, let us know by emailing...
  • A group of business-people in black suits.
    Best Veteran Employers: A Top-35 List
    Military.com
    What are the best employers of veterans in the nation? Here's a top-35 list.
  • Discussing business
    Six Personality Traits of a Leader
    Military.com|
    There are dozens of personal traits that can affect leadership and some, namely integrity and character, that are absolute.
Military Skills Translator

5 Ways to Survive a Lay Off

Getting the dreaded pink slip, which is not the most desirable situation, is not the worst thing that can happen to you. Yes, you'll have to figure out where your next paycheck will come from. But you can use this downtime to consider a career change, as well as establish good financial habits.

If you've recently joined the ranks of the unemployed, and want to stay productive, here are five ways to survive your layoff:

1. Stockpile Cash: Try to save at least three to six months of living expenses in an accessible account, advises ConsumerReports.org. If you're the breadwinner in your family, try to save at least nine months of cash. And, if you haven't been layed-off yet, but think that your job may be next, cut back on spending. For example, do not use your credit cards to purchase any small items - only big ticket purchases if they're necessary. What's more, try to get your family involved in saving, this way everyone feels like they're pitching in.

2. Update Your Resume: Take this time to carefully review your resume and update it with your past work experience. Additionally, if you're thinking of applying to another job, try to weed out any work experience that isn't relevant to the position, or takes up too much space on the page. It may also be a good idea to write different resumes for the types of jobs you're applying for, according to NetworkWorld. This way, the resume will be tailored to the specific type of work you're looking for.

3. File for Unemployment Compensation: Unemployment insurance can help you with financial issues, such as paying your bills on time. The sooner you apply for this compensation the less of a financial headache a lay off will be.

4. Talk to the Employer: Try to negotiate severance pay, outplacement services, and medical insurance options, with your employer. According to ConsumerReports, now is the time to ask your former employer how much income you'll receive and for how long, and as stated above, file for unemployment insurance.

5. Don't Touch Your 401(k): If you withdraw funds from your employer-provided retirement account you'll incur a 10 percent penalty fee, and you may have to pay an income tax if you're not 591/2 years of age. Roll over the funds from your 401 (k) into an individual retirement account (IRA) and consider selling any depreciating nonessential assets.

Additionally, try to search job boards such as Military.com, or use the social networking site for Veterans, the Veterans Career Network. Members of the VCN may be able to connect you to another career opportunity after your lay off.

For more information or career advice, visit Military.com's Career Channel.

Related Topics

Military News App by Military.com

Download the new Military.com News App for Android on Google Play or for Apple devices on iTunes!

© 2016 Military Advantage