Financial advice ahead of a job loss

MIDLAND (WJRT) - (06/29/16) - It's about to be a reality for 700 families in Mid-Michigan.

"It can be heartbreaking, and you wake up and you're in a bit of a fog," said Amy Hebert, a principal at Astrike Financial in Midland.

Dow Chemical is cutting jobs, leaving those impacted wondering what to do to get by.

Hebert knows all too well what the people at Dow Chemical and Dow Corning are going through right now.

"I remember my husband calling me at work at 10 o'clock, and saying, 'I've been let go',’” she said.

Hundreds of people in Mid-Michigan are about to make that same call to a loved one.

That's why the folks at Astrike Financial say your next call should be to a legal and financial adviser.

"Turn down the faucet, right. Control the expenses that you can control, cut your budget where you can," said Shannon Astrike, president and founder of Astrike Financial.

Astrike says to cut out common sense stuff like cutting out your lawn service, prepare meals at home and stop luxury items like massages. "It might seem like just a little bit here and there, but it all adds up at the end of the day."

Hebert says Dow workers should still contribute to the 401K if they can, and figure out if their health and life insurance will continue.

You should also make sure your beneficiaries are updated on certain policies, and there are other things you may not think about.

"If they have automatic bill pay set up on their company email, what's going to happen if they don't have that company email anymore," Hebert said.

Those are all things Astrike can help with, as well as making your next career move.

"We know that some of the people that may be affected by this, they've worked for these companies for their entire career, and the world of interviewing these days is much different than it was 20 years ago," Hebert said.

Another thing to think about, Dow workers will likely get a severance package with a lump sum payment sending them into a higher tax bracket when that sum is added to the money you've made already this year.

Astrike says there are tax advantages to delaying that payment to next year, if you can.



 
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