“When I saw the parade of managers come in, I kind of knew the writing was on the wall,” says Jasper Hudgins-Bradley. “I thought I’d have more time.”Hudgins-Bradley had been working at the IRS campus in Kansas City, Missouri, for just three weeks in the Small Collections division when he was laid off.The IRS layoffs of more than 100 workers in the metro area were part of President Donald Trump’s recent executive order to trim the federal workforce.”When he said cuts were happening, I took him at his word,” says Hudgins-Bradley. “The one check I did get I used on bills. It’s a very hand-to-mouth existence. I don’t have savings.”A job loss brings significant emotional and financial stress. Investment advisers say they are available to help.”You don’t have to do this alone,” says Edward Jones financial adviser Julia Bartak. “We’re really here to sit down with them, listen to what they’re going through, and from there we can make a plan.”Consulting a financial adviser is free, and there is no minimum dollar requirement to begin investing or planning for the future.Bartak says that if someone is laid off, they should immediately track every dollar spent.”We would look at their budget,” Bartak said. “There is a lot more wiggle room than people realize in their budget. They need to realize every component to it.”Advisers also recommend checking how much readily available cash you have and determining how long it can sustain your basic needs. If you anticipate difficulty making payments, they suggest reaching out to lenders to discuss potential payment plans.Additionally, they advise understanding COBRA continuation options to maintain health coverage during unemployment, exploring opportunities to generate additional income through part-time work, and deciding whether to leave a 401(k) with a previous employer or roll it over to an IRA. If applicable, they recommend discussing potential severance pay with an employer.Bartak says, “Work with someone you can trust. We want to put their minds at ease.”Kansas City financial advisersEdward Jones RBC Wealth ManagementHadel Financial Creative Planning Missouri Department of Labor: Filing for Unemployment
“When I saw the parade of managers come in, I kind of knew the writing was on the wall,” says Jasper Hudgins-Bradley. “I thought I’d have more time.”
Hudgins-Bradley had been working at the IRS campus in Kansas City, Missouri, for just three weeks in the Small Collections division when he was laid off.
The IRS layoffs of more than 100 workers in the metro area were part of President Donald Trump’s recent executive order to trim the federal workforce.
“When he said cuts were happening, I took him at his word,” says Hudgins-Bradley. “The one check I did get I used on bills. It’s a very hand-to-mouth existence. I don’t have savings.”
A job loss brings significant emotional and financial stress.
Investment advisers say they are available to help.
“You don’t have to do this alone,” says Edward Jones financial adviser Julia Bartak. “We’re really here to sit down with them, listen to what they’re going through, and from there we can make a plan.”
Consulting a financial adviser is free, and there is no minimum dollar requirement to begin investing or planning for the future.
Bartak says that if someone is laid off, they should immediately track every dollar spent.
“We would look at their budget,” Bartak said. “There is a lot more wiggle room than people realize in their budget. They need to realize every component to it.”
Advisers also recommend checking how much readily available cash you have and determining how long it can sustain your basic needs.
If you anticipate difficulty making payments, they suggest reaching out to lenders to discuss potential payment plans.
Additionally, they advise understanding COBRA continuation options to maintain health coverage during unemployment, exploring opportunities to generate additional income through part-time work, and deciding whether to leave a 401(k) with a previous employer or roll it over to an IRA.
If applicable, they recommend discussing potential severance pay with an employer.
Bartak says, “Work with someone you can trust. We want to put their minds at ease.”
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