232 Laid Off After 55? What to Do About Health Care, Taxes, and Your 401(k)
Last year, 1.1 million people were laid off, numbers not seen since 2020. And 40% of people retire earlier than they planned. If a layoff or buyout is on your radar, the decisions you make about health care, taxes, and your 401(k) will follow you for the rest of your retirement.Key Takeaways:✅ Losing your job doesn't mean losing your health insurance. COBRA can keep you covered for up to 18 months.✅ The money in your HSA can be used tax-free to pay for qualified health care expenses in retirement.✅ The Rule of 55 lets you take money from your 401(k) early without the 10% penalty.✅ An example…
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