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4 Tips For Surviving and Thriving in Today’s Changing Job Market

4 Tips For Surviving and Thriving in Today’s Changing Job Market

February 28, 2023

4 Tips For Surviving and Thriving in Today’s Changing Job Market

I keep hearing in the news: Amazon may lay off 18,000 employees, Goldman Sachs is considering 3,000, Microsoft around 10,000, and Hasbro possibly 1,000. I won’t mention to my kids that Santa Claus may have a supply problem. The good news is the unemployment rate is still currently trending low.

How do I survive while in transition? Here are 4 financial tips to consider:

I’m comparing my previous experience in volatile manufacturing with my knowledge of wealth management.


I plan on some extra expenses creeping into my normal budget. A stiff increase in a solo healthcare plan, either through COBRA or the government marketplace. I should check with my spouse to see what their plan costs with family member add-on’s. There are some defensive plays that I would make also, do I really need this monthly subscription while I’m in transition? I can resume it when I’m back to full-time employment. What benefits and perks am I losing, now I have to pay for the gym and toll roads?


This is a super important one, being able to survive depends on my “rainy day” plan. It’s good to ask friends, how long until you were employed again? I watch national economic trends to kind of gauge what a lay-off would like.

3.  OLD 401(k) OPTIONS & FSA’s

I hated my old employer when I was laid-off. I almost bought a voodoo doll and some pins. Human Resources is the last place I wanted to contact. However, I could lose accumulated funds in a Flexible Spending Account (FSA). I have basically 3 options with my 401(k). Leave it there and I cannot contribute anymore. Roll some or part of it over to my personal Individual Retirement Account (IRA). Cash out, is generally the worst option because I’m younger than 59 ½ and will incur taxes and penalties. TAXES AND 2022 TAX LAW CHANGE – SECURE ACT 2.0 Maybe I’m in a lower tax bracket. A Roth IRA contribution would be a savvy move for me if I pay even lower taxes. Effective January 2023, the SECURE ACT of 2022 allows for 1 penalty-free distribution up to 1,000 dollars per year from a qualified account. 401(k) 403(b) and IRA are common examples of qualified funds. Icing on my cake, I have up to 3 years to repay those funds back into my retirement account. Of course, I’ll check with my tax pro for the best strategies.


Remember, I gave specific advice about my situation. Everyone’s situation is as unique as their iris, there are other options that better suit different individuals. Please ensure you have a licensed, expert, money management and tax team that can assist during these stressful scenarios.

At least in employment transition I did not have to deal with traffic! Quality time with family can be golden.

About the Author:

Damon Paull is a Marine Corps veteran who has traveled to over 20 countries. As a financial advisor in Houston, Texas, he is passionate about helping business owners and individuals pursue their financial goals. You can connect with Damon and his team at: 703.362.5747 or