Financial Focus What Does an Unplanned Career Transition Mean for You? The COVID-19 pandemic has unsettled the country's employment picture for professional to address these and other key income-related issues. months and will likely continue to do so for a while. However, the nature and terminology of this disruption varies greatly among individuals - some Insurance - If you received health insurance through your employer, an early have seen their jobs disappear, others have been "furloughed" and still others retirement could present you with a dilemma, especially if you're not quite old enough have been offered an early retirement. If you're in this final group - those for Medicare. You might be eligible for COBRA, which provides ex-employees and either offered, or feeling forced to accept, an early retirement, how should you their dependents the option of continued health insurance for potentially up to 36 respond? months, but this coverage can be expensive. As an alternative, you might be able Try to look at your situation holistically, rather than strictly in a short-term to negotiate an extended severance package, which could provide you with health manner. Consider these four areas: insurance for several months. Or, you might be able to get on the health insurance plan of your working spouse. Retirement - What does retirement really look like to you? Are you ready to fully retire or would you like to work part time? Are you confident that you Legacy - Many people want to take care of their family while they're alive - and can work somewhere else for a few years before retiring on your own terms? If leave something behind when they're gone. If you take an early retirement, you might you're not certain you can work elsewhere, how can you adjust your desired lose your employer's group life insurance. Of course, if this plan was not sufficient, you retirement life-style - what you planned to do, where you hoped to live, etc. may have already supplemented it with your own policy, but, if you haven't, you may - to meet your new reality? need to shop around for some coverage, particularly if you have children still at home. Income - Just how financially affected you'll be from an early retirement You also may want to take this opportunity to review your key financial accounts to depends on several factors: how much you've already saved and invested, make sure your beneficiary designations still accurately reflect your wishes. whether you're married and have a working spouse, whether you've paid off your mortgage, and so on. In any case, though, you'll need to answer several Going through an unplanned career transition is certainly challenging. But looking questions, including these: Do I need to start taking withdrawals from my IRA closely at the four areas describe above, and making the appropriate moves, may help and 401(k)? If so, how much can I afford to take out cach year without running you reduce some of the stress and can put you in a better position to start the next the risk of outliving my resources? Should I adjust my current investment mix? phase of your life. If I haven't yet started collecting Social Security, should I do so now, or can I afford to wait until my monthly payments will be bigger? Are there any other This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward sources of income I can leverage? You may want to work with a financial Jones, Member SIPC Edward Jones Sean P. Asiala AAMS Edward Jones Michael C. Caley AAMS Edward Jones Pam Covington CFPp' AAMS Edward Jones Tod Heisler AAMS Edward Jones Jason Korner CFP Edward Jones Quinn Nofziger Edward Jones Gwen Ruppert Financial Advisor Financial Advisor Financial Advisor 6525 Constitution Dr. Fort Weyne. IN 404 Financial Advisor 7030 Pointe Invemess Wiy Sute 125 Fort Wayne, IN Ma04 432-3613 Making Sense of Investing Financial Advisor Financial Advisor 14413 inois Rd Ste E Fort Wayne, IN 40814 Financial Advisor 991 Chestnut Hls Parkway Fort Wayne, IN 48814 7525 West Jetterson Bivd. Fort Wayne. IN 804 7329 West Jetterson Bivd. 414 S. Scott Rd. Fort Wayne. IN 46804 Fort Wayne. IN 46814 432-0304 625-5700 Making Sense of Investing 478-8038 Making Sense of Investing 444-3134 Making Sense of Investing 399-5853 Making Sense of Investing 625-3524 Making Sense of Investing Making Sense of Investing Financial Focus What Does an Unplanned Career Transition Mean for You? The COVID-19 pandemic has unsettled the country's employment picture for professional to address these and other key income-related issues. months and will likely continue to do so for a while. However, the nature and terminology of this disruption varies greatly among individuals - some Insurance - If you received health insurance through your employer, an early have seen their jobs disappear, others have been "furloughed" and still others retirement could present you with a dilemma, especially if you're not quite old enough have been offered an early retirement. If you're in this final group - those for Medicare. You might be eligible for COBRA, which provides ex-employees and either offered, or feeling forced to accept, an early retirement, how should you their dependents the option of continued health insurance for potentially up to 36 respond? months, but this coverage can be expensive. As an alternative, you might be able Try to look at your situation holistically, rather than strictly in a short-term to negotiate an extended severance package, which could provide you with health manner. Consider these four areas: insurance for several months. Or, you might be able to get on the health insurance plan of your working spouse. Retirement - What does retirement really look like to you? Are you ready to fully retire or would you like to work part time? Are you confident that you Legacy - Many people want to take care of their family while they're alive - and can work somewhere else for a few years before retiring on your own terms? If leave something behind when they're gone. If you take an early retirement, you might you're not certain you can work elsewhere, how can you adjust your desired lose your employer's group life insurance. Of course, if this plan was not sufficient, you retirement life-style - what you planned to do, where you hoped to live, etc. may have already supplemented it with your own policy, but, if you haven't, you may - to meet your new reality? need to shop around for some coverage, particularly if you have children still at home. Income - Just how financially affected you'll be from an early retirement You also may want to take this opportunity to review your key financial accounts to depends on several factors: how much you've already saved and invested, make sure your beneficiary designations still accurately reflect your wishes. whether you're married and have a working spouse, whether you've paid off your mortgage, and so on. In any case, though, you'll need to answer several Going through an unplanned career transition is certainly challenging. But looking questions, including these: Do I need to start taking withdrawals from my IRA closely at the four areas describe above, and making the appropriate moves, may help and 401(k)? If so, how much can I afford to take out cach year without running you reduce some of the stress and can put you in a better position to start the next the risk of outliving my resources? Should I adjust my current investment mix? phase of your life. If I haven't yet started collecting Social Security, should I do so now, or can I afford to wait until my monthly payments will be bigger? Are there any other This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward sources of income I can leverage? You may want to work with a financial Jones, Member SIPC Edward Jones Sean P. Asiala AAMS Edward Jones Michael C. Caley AAMS Edward Jones Pam Covington CFPp' AAMS Edward Jones Tod Heisler AAMS Edward Jones Jason Korner CFP Edward Jones Quinn Nofziger Edward Jones Gwen Ruppert Financial Advisor Financial Advisor Financial Advisor 6525 Constitution Dr. Fort Weyne. IN 404 Financial Advisor 7030 Pointe Invemess Wiy Sute 125 Fort Wayne, IN Ma04 432-3613 Making Sense of Investing Financial Advisor Financial Advisor 14413 inois Rd Ste E Fort Wayne, IN 40814 Financial Advisor 991 Chestnut Hls Parkway Fort Wayne, IN 48814 7525 West Jetterson Bivd. Fort Wayne. IN 804 7329 West Jetterson Bivd. 414 S. Scott Rd. Fort Wayne. IN 46804 Fort Wayne. IN 46814 432-0304 625-5700 Making Sense of Investing 478-8038 Making Sense of Investing 444-3134 Making Sense of Investing 399-5853 Making Sense of Investing 625-3524 Making Sense of Investing Making Sense of Investing