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What It Means to Be a Financial Caregiver for Your Parents

If you are the adult child of aging parents, you may find yourself in the position of someday having to assist them with handling their finances.

Whether that time is in the near future or sometime further down the road, there are some steps you can take now to make the process a bit easier.

Mom and Dad, can we talk?

Your first step should be to get a handle on your parents’ finances so you fully understand their current financial situation. The best time to do so is when your parents are relatively healthy and active. Otherwise, you may find yourself making critical decisions on their behalf in the midst of a crisis.

You can start by asking them some basic questions:

  • What financial institutions hold their assets (e.g., bank, brokerage, and retirement accounts)?
  • Do they work with any financial, legal, or tax advisors? If so, how often do they meet with them?
  • Do they need help paying monthly bills or assistance reviewing items like credit-card statements, medical receipts, or property tax bills?

Make sure your parents have the necessary legal documents

In order to help your parents manage their finances in the future, you’ll need the legal authority to do so. This requires a durable power of attorney, which is a legal document that allows a named individual (such as an adult child) to manage all aspects of a person’s financial life if he or she becomes disabled or incompetent.

A durable power of attorney will allow you to handle day-to-day finances for your parents, such as signing checks, paying bills, and making financial decisions for them.

In addition to a durable power of attorney, you’ll want to make sure that your parents have an advance health-care directive, also known as a health-care power of attorney or health-care proxy.

An advance health-care directive will allow you to make medical decisions according to their wishes (e.g., life-support measures and who will communicate with health-care professionals on their behalf).

You’ll also want to find out if your parents have a will. If so, find out where it’s located and who is named as personal representative or executor. If the will was drafted a long time ago, your parents may want to review it to make sure their current wishes are represented.

You should also ask if they made any dispositions or gifts of specific personal property (e.g., a family heirloom to be given to a specific individual).

Prepare a personal data record

Once you’ve opened the lines of communication, your next step is to prepare a personal data record that lists information you might need in the event that your parents become incapacitated or die.

Here’s some information that should be included:

  • Financial information: Bank, brokerage, and retirement accounts (including account numbers and online user names and passwords, if applicable); real estate holdings
  • Legal information: Wills, durable powers of attorney, advance health-care directives
  • Medical information: Health-care providers, medication, medical history
  • Insurance information: Policy numbers, company names
  • Advisor information: Names and phone numbers of any professional service providers
  • Location of other important records: Social Security cards, home and vehicle records, outstanding loan documents, past tax returns
  • Funeral and burial plans: Prepayment information, final wishes

If your parents keep some or all of these items in a safe-deposit box or home safe, make sure you can gain access. It’s also a good idea to make copies of all the documents you’ve gathered and keep them in a safe place.

This is especially important if you live far away, because you’ll want the information readily available in the event of an emergency.

Don’t be afraid to get support and ask for advice

If you’re feeling overwhelmed with the task of handling your parents’ finances, don’t be afraid to seek out support and advice. A variety of local and national organizations are designed to assist caregivers.

If your parents’ needs are significant enough, you may want to consider hiring a geriatric care manager who can help you oversee your parents’ care and direct you to the right community resources.

Finally, consider discussing the specifics of your situation with a professional, such as an estate planning attorney, accountant, and/or financial advisor. Click here to get more information from our affiliate company PLJ Advisors.

 

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Dealing with Periods of Crisis

What is it?

By definition, a crisis is a turning point, a time when you have to make crucial decisions (often suddenly) that will affect your future. Although smart planning is the key to effectively dealing with periods of crisis, you may find yourself suddenly dealing with an unexpected event that you didn’t prepare for, and you wonder what to do next. Whether you’re planning ahead or dealing with a crisis now, take control. There’s no escaping the fact that a crisis is a life-changing event, but how you handle a crisis will, in part, determine whether your life changes for the better or for the worse.

Planning for a future crisis

Identify and manage risk

What future crises are you likely to face? While you hope that the answer to this question is none, that’s an overly optimistic thought. It’s almost inevitable that you will face one crisis or more during your lifetime. While you can’t have a plan to deal with all possible risks, you can plan for events that seem likely and for some events that may seem unlikely. You should, for instance, plan for events such as death, illness, and job loss. You may not, however, have to plan for crisis risks that are unlikely to affect you, such as divorce (if you are single or happily married), or natural disaster (if you live in a non-disaster prone area). Knowing that you have some plan will help you deal with a crisis if you ever do confront one.

Example(s): Jane and Hal built a beach house in Malibu. Their home was swept away in a mudslide, and they spent months replacing their personal possessions, as well as getting duplicates of their birth certificates, insurance policies, and other personal and financial records. Five years later after they had rebuilt their house, a fire swept through town, and their house was destroyed. Fortunately, this time they were ready. They had kept their important records and financial information in a safety deposit box, and had sent boxes of photos to Jane’s mother for safekeeping.

Plan for contingencies

Any plan you make for dealing with a future crisis should be flexible. Part of the stress you feel when confronting a crisis is because crises are unexpected and unpredictable. You won’t know ahead of time how you’ll react and exactly what you’ll have to confront. One good approach is to plan for a worst-case scenario. For instance, if you plan for a period of unemployment that lasts for two months, what will you do if it stretches for six months? If you plan around a six-month period of unemployment, however, you’ll know what to do if it only lasts for two months.

Organize your records

A key component of planning for a crisis is organizing your records and personal papers. This is particularly true if you become sick, incapacitated or die and your loved ones have to assume responsibility for your finances. You will also be able to readily access vital information instead of wasting time and energy trying to find it. At the very least, you’ll want to set up a filing system and give a list of your important documents and advisors to a trusted friend for safekeeping.

Plan your finances

Unless you have significant liquid assets, planning for a crisis means, in large part, planning your finances. Many financial professionals advise their clients to keep an emergency fund equal to at least three months worth of expenses, just in case your income flow stops or your expenses increase. This emergency fund can make a big difference because many things can change in three months. If you don’t have the emergency fund, however, you may have to make hasty decisions regarding your future, such as taking a new job you don’t really want, selling prized personal possessions, or dipping into your college or retirement fund. You should also work up a bare-bones budget that reflects only your basic living expenses. Cut out all luxuries, and determine the least amount of income you need to survive.

Quantify your plan

When you plan for a future crisis, don’t be too general. Instead, be as specific as possible and write down your options. This way, you’ll be less tempted to avoid decisions by thinking you’ll deal with that when the time comes, and you’ll have something concrete to refer to if you must deal with a crisis situation. You’ll feel calmer, too, when you’re facing the crisis. People who live in areas prone to natural disasters often keep emergency kits in their cars or homes in case they need to evacuate in a hurry–a good example of this principle.

Dealing with an immediate crisis

Act, don’t react

Often when facing an immediate crisis, you want to do something, just about anything to solve the crisis, or you want to run away. While both responses are natural, neither is helpful. While you definitely need to do something in a crisis situation besides hide your head in the sand, you shouldn’t do just anything. In fact, it may even be preferable to take no action for a few days to let your emotions cool a bit. Then, act, but don’t react. To the extent possible, collect information and advice and formulate a plan. You may have only hours or days to do this, but some plan is better than none. If you feel that you can’t keep your emotions separate from your actions, ask a friend, relative, or professional to help you sort through your options.

Make a list of things that you need to do

When you have to plan in a hurry, the easiest way is to make a simple list of things you have to do. List as many items as possible. Then, as you do them, you can check them off. This is important because when you’re under stress, you may forget to do important tasks. In addition, a list will help you remember to focus on action, not reaction.

Find help

No one should have to weather a crisis alone. Even if you’re alone in the world or if you don’t want to burden your loved ones with details, there are community resources and individuals (paid and unpaid) who can give you general and specific advice.

Dealing with illness or disability

Harness your emotions

If you find out that you, or someone close to you is sick, hurt, or dying, you’ll probably feel numb, scared, angry, sad, anxious, or even panicked. It’s likely that your initial feelings will change, but you may never accept your situation. You don’t necessarily have to accept illness and its consequences to deal with it, however, and you can control how you react to it. In fact, some people need to feel in control of everything when they become sick because they are unable to control their disease. Remember that this need for control is common, and it can be positive if you use your energy to make unemotional decisions that will affect you and your loved ones.

Find support

When you’re sick or hurt or caring for someone else who is, it’s vital to have a support network. Hopefully, you have close friends and relatives that will help you. But many people don’t come forward to help and even well-intentioned friends and relatives may not give you as much help as you need. Fortunately, there are many community resources available to help you.

Find a way to pay your bills

Paying your bills when you’re sick can be hard because you can’t work at all or perhaps can work only part-time. If you own your own disability insurance policy, check your coverage and contact your insurance company for claims information. Your employer may have group disability insurance that you aren’t aware of that will help you. If you were hurt or became sick from job-related causes, you may be able to collect benefits from workers’ compensation. If your disability is expected to last a year or more (or even result in your death), you may be eligible for Social Security disability benefits. But if you have no hope of receiving disability insurance benefits, you’ll have to cut your expenses and rely on your savings or spousal income. If you have limited income, you may be able to qualify for Supplemental Security Income (SSI) benefits or other government programs.

Determine how the illness will affect your job

If you work and become sick or get hurt, or if you have to care for someone else who is ill, you’re probably worried about how you’re going to keep your job. First, talk to your employer about what benefits you are entitled to in the event you are disabled. Your employer may be used to dealing with situations like yours and may have programs in place that you don’t know about. Next, be aware that if you work for a company that employs 50 or more people, you may be entitled to take up to 12 weeks unpaid leave under the Family and Medical Leave Act of 1993 if you need time off to recuperate or to care for someone else.

Example(s): When her mother was seriously injured in a car crash, Marcy wanted to fly to Dallas to take care of her. Because of the Family and Medical Leave Act of 1993, Marcy was able to take eight weeks of unpaid leave from her job, and she was restored to her former position at the same level of pay and benefits when she returned to work.

Plan for the future

Planning for the future is vital. When you’re sick, you suddenly realize the limits of your own mortality and your priorities may become clearer. It’s a good idea at this point to set new priorities and goals for the future. If you’re terminally ill, this step is critical. You may also need to quickly revise your financial and estate plans. Even if you expect to recover from your illness, you’ll benefit from reviewing your insurance coverage and your financial plans and by applying lessons learned from your illness to planning for the future.

Dealing with unemployment

Deal with your emotions

When you lose your job (unless you’ve quit), you’re usually angry and discouraged. It’s natural if your self-esteem is ebbing, and you may be tempted to run away from your problem instead of facing it. You may be tempted to make a drastic career change, start your own business, or continue your education. Although doing one of these things may be right for you, be careful. You may be reacting emotionally rather than logically. Following your dream can be wonderful, but it can also be a way to escape from the crisis that confronts you. Check out your options carefully, and don’t forget that finding a new job is one of them.
When Lou was 53, he was laid off from the automobile manufacturing plant where he had worked for 18 years. A month later while still depressed, Lou decided to take his life savings and invest in his dream. Six months later he opened Lou’s Lakeside Restaurant. Unfortunately, Lou’s restaurant failed because he hadn’t taken the time he needed to plan his business or to learn about running a restaurant. He lost all his money.

Find support

If you’re married, you may be tempted to rely upon your spouse for support, and he or she is probably happy to give it to you. Remember, though, the most loving spouse in the world can’t solve all your problems and is probably more anxious over your job loss than you realize. Share your burden with your friends, a support group, a career counselor, or a financial professional.

Find a way to pay your bills

If you’ve lost your job through a layoff or because you were fired, immediately contact your state’s unemployment office. You may be able to apply by phone or by mail, and you may receive benefits quickly once your application is verified. You’ll also need to find ways to cut expenses or increase your income. If you know that you are losing your job a few weeks or months before it happens, you’ll have time to restructure your debt, take a part-time job to fund your future unemployment, or borrow against your savings, home, or investments. If your job loss is sudden, however, you may need to rely upon your savings and find ways to reduce your payments on bills.

Find a new job

One of the first things on your mind when you lose your job is finding another one. You may be surprised at how difficult this is, particularly if you’ve worked at the same job for a long time. If you’ve dealt with unemployment before, you probably know the drill: update your resume, check the want ads, begin to network, etc. Even if you’re an experienced job seeker, there are resources that can help you.

Dealing with the death of a family member

When your spouse or a family member has died, you may need to plan the funeral, organize your finances, and claim life insurance benefits. You may need to serve as executor of your loved one’s estate, and you may need to be familiar with estate settlement procedures.

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The #1 Concern for Retirees – And Why They’re Getting It Wrong

One of the big eye-openers of adulthood is when roles reverse and the child must care for the parent. It’s one of the toughest problems we face as we get older – especially when our parents don’t have any long-term care plans or money set aside.

A Painful Balancing Act: Long-Term Care Choice and Budget

Finding the balance between securing safe, comfortable care for elderly parents and paying for it can be almost impossible. Many people are surprised to discover that Medicare doesn’t cover long-term care costs, also known as custodial care.

This type of service includes daily living assistance such as:

  • Bathing
  • Eating
  • Chores and housework
  • Going to the bathroom
  • Moving around

If you’re working full-time, raising children and responsible for your parents’ daily needs, this can be an overwhelming load. Now imagine you’re the parent – and your children have to make these decisions for you.

The #1 Concern: What Will Happen When I Can’t Care For Myself?

According to a recent survey by the Society of Actuaries, long-term care is tied for first place as the number one concern of retirees. The other concern is inflation.1

It’s not a big surprise that most people rank this as their chief worry. If you have had to make long-term care plans for a loved one, then you know how expensive it can be. Not to mention, the better facilities cost more money.

This comes with another set of questions: Will my loved one be properly cared for? Will my mother be neglected? Will my dad be happy and stimulated? What will their quality of life be like?

These questions are naturally applied to ourselves, too. We want to receive great care when we can no longer care for ourselves. We recognize that just because our bodies aren’t working optimally, our minds still crave stimulation and engagement. We want to retain as much control over our lives as possible.

The reverse is also true. How will we be cared for if we are unable to make decisions? These are not things we want to think about – especially while we’re young, healthy and active… but that’s precisely when we should be thinking about them.

For Women, Planning Is Particularly Important

Women more than men should consider preparing for long-term care. A gender gap in health means that figuring out how to pay for custodial and medical services is especially important for females. There are three major reasons for this:

➢ Women live, on average, 5 percent longer than men.2
➢ Because women outlive men, widowed women can’t depend on spouses to care for them.
➢ Women suffer from chronic diseases more than men do.3

The Worry Is There, But Not the Preparation

The staggering result of all this worry is that most people do little to nothing to prepare. In addition to not preparing, the Actuary survey showed that pre-retirees underestimate life expectancy. In 2015, the median of pre-retirees stated that they will live until 85, despite the fact that 55 percent of those reported at least one family member living past 90.

As far as a financial strategy for long-term health care, only 33 percent of those surveyed purchased a guaranteed lifetime income product.

“In terms of a planning horizon, 17 percent of pre-retirees plan for five to nine years, and 19 percent plan for ten to 14 years. By comparison, 38 percent of pre-retirees have either not thought about their planning horizon or do not plan ahead.”
– 2015 Risks and Process of Retirement Survey

More Expensive Than a Mortgage

In 2016, the average cost of a private room in a nursing home was $7,698.4 This is almost six times the amount of the average monthly mortgage payment.5

Although assisted living facilities are about half as much as a nursing home, they’re still expensive at $3,628 per month, especially if you’re on a fixed income.

Will You Need Long-Term Care?

There are no guarantees when it comes to health – which means you should plan on needing it and try to live a healthy lifestyle so that you don’t.

The numbers, however, point to the fact that more than half of us will need some form of assistance as we get older.

➢ In 2012, nine million Americans over the age of 65 required long-term care. That number is projected to jump to 12 million by 2020. 6

Considering Your Options

1. Long-term Care Insurance

Long-term Care Insurance is one of the most popular options as it drastically reduces the cost of care if you need it.

The American Association for Long-Term Care Insurance reports that the average married couple, age 55, would pay $1,816 per year for a policy with $162,000 in coverage for each. A 3-percent inflation protection rider is also available for about $1900 more per year.7

The earlier you lock in a rate, the better. A good time to invest in this insurance is around age 52.

2. Life Insurance With a Long-term Care Rider

This might be a good option as there are a couple more benefits with this option than a traditional long-term care insurance policy. Basically, you will get the death benefits that come with a life insurance policy, you will pay about the same – or less – in monthly payments – and enjoy approximately the same coverage you would receive with long-term care insurance through the rider.

3. Fixed Index Annuity

A fixed index annuity with a single premium is yet another route to take on your way to long-term care preparation. Some annuities offer a long-term care doubler benefit which pays twice as much per month as it would if you were not in long-term care. This is an amazing perk and one that could save you tons of money down the road.

Bottom Line

Don’t wait to get ready for long-term care. Even if you are running marathons in your 60s, the time might come when you need some form of assistance. It’s better to have a plan in place now than to rely on your children or social services to help you later.

If you need help deciding if long term care is for you or your parents, we are here to help. Click here to request a call or call us at 310-824-1000 and ask for Caroline. She’ll be happy to set up a time in our calendar.

 

1https://www.soa.org/press-releases/2016/survey-examines-retirement-concerns/
2http://www.bbc.com/future/story/20151001-why-women-live-longer-than-men
3http://www.cwhn.ca/en/resources/primers/chronicdisease
4https://www.genworth.com/about-us/industry-expertise/cost-of-care.html
5http://themortgagereports.com/20589/freddie-mac-mortgage-payments-homeownership-costs-may-2016
6http://www.forbes.com/sites/jrose/2016/03/22/long-term-care-insurance-alternatives/#1af57501a192
7http://www.cnbc.com/2016/03/15/long-term-care-coverage-peace-of-mind-at-a-price.html

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Retiring Soon? This Could Mean a Major Health Boost, According to Study

The common refrain when someone retires is: “Don’t sit down!” A friendly – albeit foreboding – warning, to the newly unemployed, about not becoming a couch potato can be a bit of a downer.  Other morsels of wisdom include: “Keep moving. Don’t sit around in your pajamas all day eating doughnuts. Find a hobby. Stay in touch with your friends.”
If you’re retired, then you have probably heard some, or all, of this advice.

In some ways, it’s scary to hear. You imagine yourself morphing into a motionless sloth who stops showering and forgets how to use a fork the moment you cash in that 401k.

The Best Is Yet To Come

Well, it turns out that retirees actually make positive health changes after they stop working, according to a recent study led by the University of Sydney.

The report, which surveyed 25,000 retirees, found that retired folks are more active, sleep better and curbed their smoking habits compared with their working counterparts.1

This is exciting news for a lot of people who believe that retirement signals the end of a meaningful, vibrant life. In fact, the contrary is true. Retirees seem to be traveling more than ever before – along with quitting smoking and not sitting on the couch eating doughnuts.

Travel More, Sit Less

U.S. travel company, Overseas Adventure Travel, which creates adventure excursions for people who are over 50, has seen an increase in older adventurers. The company reported a 67 percent spike, over the span of ten years, in 50+ travel. Here’s another fun fact: AirBnB users, over 60 years of age, total more than 1 million customers.2

This adds up to a beautiful picture of retirement. It’s what we all imagine as we clock in to work every day.

So next time you go to a retirement party – be sure you shelf those tired warnings about being a couch potato and congratulate your newly retired buddy on a fun, fulfilling future!

 

10 Tips on Getting the Most Out of Your Retirement:

  1. Plan Now! Create your retirement goals and make a plan to reach them.
  2. Don’t Wait to Save. Forgoing a latte or new pair of shoes each day or week adds up – so keep one eye on the future (while the other one is on that new purse).
  3. Take Advantage of 401ks. If your employer is matching your money, make sure you jump on that opportunity.
  4. Get Healthy Now. If you get in shape now, by the time you retire you will have the stamina and energy you need to follow your passions.
  5. Think about extra money you’re spending that you could be investing. Do you pay for a storage unit? That money adds up, while the stuff inside depreciates.
  6. Create Healthy Habits. Just like investing your money for retirement, invest in good habits now so later they will be easier to stick with. Replace cookies and chips with fruits and gorgeous salads. Make time for a walk each day or a coffee date with a friend.
  7. Stimulate Your Imagination Don’t wait for retirement to start a hobby. Start now! Even if you only have an hour a week to devote to it – whether it’s tennis or ceramics – jump in! By the time you retire, you’ll have connections and more time to spend doing the activities you already cultivated.
  8. Meet With a Financial Planner A good financial planner can help you set up investments now and adjust them as you near retirement, so that you have enough money to enjoy your life without worrying about running out.
  9. Geography As you near retirement, assess where you live. If you’re far from family and friends, you might want to consider relocating before or right after retirement. A good network of people you love, trust and enjoy being around can dramatically enrich your life.
  10. Check Up On Your Investments Finally, don’t rely on anyone else to make sure you are on the right track for retirement. There’s nothing worse than saving your whole life only to find out at age 62 that your investments were all wrong for your goals… and you lost money. Don’t let “fake science” fool you into thinking you’re earning huge profits. Look at your bottom line – and always follow your gut. If you feel like you need a second opinion, then you probably do.

 

 

 

1https://www.sciencedaily.com/releases/2016/03/160311105229.htm
2http://www.forbes.com/sites/lealane/2016/06/03/2016-research-shows-wide-range-of-retirees-preferences-in-travel/#22aead0c3bd5

 

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Setting Up a Support Network When You’re Unemployed

What is an unemployment support network?

An unemployment support network is a group of people, organizations, or resources available to help you cope with issues that unemployed people must face. Setting up a support network when you’re unemployed is important for several reasons. First, when you lose your job, your ego is likely to be damaged, and you’ll benefit from the encouragement and perspective that talking to others can bring. Second, if you plan on returning to work, you may need help finding a new job or exploring a career change. Third, if you’re an older unemployed worker thinking about retiring rather than seeking another job, you may need the advice of others who have experienced retirement firsthand. Whatever your reason for needing support, you can easily find it if you know where to look.

Emotional support

When you lose your job, you’ll most likely turn to your friends and family for emotional support. Another option is to find or form a support group (also called a self-help group) to share information and provide emotional support to one another.

Finding a support group

If you live in a metropolitan area, finding a local support group should be easy. Look in the Local or Community sections of your newspaper or contact your local community center, college, or university to see if it sponsors support groups. You can also try the American Self-Help Group Clearinghouse website www.mentalhelp.net for information on starting or finding a self-help group in your area.

Job-hunting services and assistance

Rather than go it alone, you may choose to find a job using an employment professional or a government agency or community organization. Some employment professionals will charge you a fee for their services, while others do not. Government job services are free but may offer only basic assistance. Community organizations may sponsor free or low-cost services, which are sometimes tailored to the needs of specific groups.

For-fee services

If you are having trouble marketing yourself, you might consider paying someone to help you. You can, for instance, hire image counselors to teach you how to dress professionally, rewrite your resume, target your job search, and rehearse interviewing. Or, in a tight job market, you might use a for-fee job placement agency. You sign a contract with the agency, under which you promise to pay a flat fee or a certain percentage of your first year’s salary and in turn, the agency promises to find you a suitable job. Whatever your reason for paying someone to help you find a job, be careful. Before you sign a contract, know what you’ll get for your money. How hard will the company work for you? What kind of guarantee does it offer? What specific services does it offer? In particular, check the company’s reputation. Make sure that it has been in business in the same location for several years, and call the Better Business Bureau (if the agency is a member) and ask for references or published statistics on its placement success rates.

Fee-paid services

  • Headhunters and recruiters: If you work in a high-demand occupation or you are a professional with a few years of experience, you may be able to find a job through a recruiter or a headhunter. In fact, one may come looking for you! Headhunters or recruitment professionals are usually paid by companies who use them to find qualified employees. Most headhunters specialize in finding employees in a particular field, and they expect you to be flexible. They may not want to talk to you, for example, unless you are willing to relocate. They also may not be interested in you if you are changing career paths or if you don’t match their area of specialization and requirements.

Caution: A recruiter can seem like your best friend when you are unemployed. Remember, however, that the recruiter is also a salesperson, and you are the product. Don’t be upset by a recruiter’s reluctance to talk to you unless you are a seasoned professional, and don’t be misled into thinking that a job offered through a recruiter is necessarily the best job for you or the only good way to find a job.

  • The temporary or permanent placement agency: Another type of fee-paid employment service is the temporary or permanent placement agency. You sign up with an agency and specify the type of position you are looking for, and it tries to match you with a job opening. You’ll work for the agency, not for the company unless the company buys your contract from the agency. This means that you won’t be eligible for any company benefits or perks. Some agencies specialize in placing candidates in a certain industry (banking, for instance) while others are generalists. A good employment service will be responsive to your needs, offer training and benefits (if necessary), and won’t mislead you about the jobs they usually have available. Some companies publish “teaser” jobs in the paper that probably won’t be available when you call the agency because they are designed to lure you in to fill out an application.

Caution: Although taking a temporary job is a good way of supporting yourself for a short time or even finding a permanent job with a good company, you’ll probably find that the pay is relatively low. However, you may be able to negotiate a better rate of pay if you are a good, qualified candidate.

Government agencies and community services

Your local employment office (where you apply for unemployment insurance benefits) may assist you in finding a new job, or there may be programs set up in your community to help displaced workers, low-income workers, senior workers, or veterans. Check your telephone directory under Job Services, Employment Services, or Social Services. Your local college or university may also sponsor career-counseling seminars or courses that are open to the public even if attendees are not enrolled in a degree program.

Outplacement assistance

If you have prior warning that you will be losing your job, you can do several things to make unemployment easier. First, if you’re being laid off, find out if your company has outplacement assistance. You may be able to attend seminars or speak with a job counselor one on one. Next, if you plan on looking for another job, ask about your current company’s policy regarding employment verification and references. If a potential employer calls and asks about your work history, what information will the company give out? In addition, are your coworkers or supervisors allowed to give professional and/or personal references? If you’re leaving the company because you’re moving or being laid off, don’t forget to ask everyone you know who might have leads on job openings for introductions to managers or executives at other companies.

Other job-hunting resources

The Internet

Many Internet sites are devoted to the needs and concerns of the job-hunter. These sites offer career counseling, networking opportunities, job fairs, and lists of available jobs (including on-line applications). Some popular sites are Monster (www.monster.com), Headhunter.net (www.headhunter.net), and the Career Resource Center (www.careers.org). When you’ve lined up a job interview, you can prepare for the interview by researching the company on-line under the company name. You may be able to pull up press releases, articles about the company, or even financial information. You may have to pay an extra fee for the latter. Information about public companies is readily available, while information about private companies can be difficult to find.

Libraries and bookstores

If you go to the library or a bookstore, you’ll find many books on job hunting and career counseling. These books can be quite useful, particularly if you’ve been out of the job market for a while or you need help in a particular area. You can also buy or read local and out-of-town newspapers that advertise jobs.

Friends, family, and acquaintances

One good way to find a new job is to tell everyone you know that you’re looking for one. Your friends, family, and acquaintances may know about jobs that are presently open within their companies or about job opportunities that might be available in the future. They may also be able to put a good word in for you with a manager or the human resources department. Some companies use a very formal process to hire (first open the job to current employees, next advertise the job to others), while others hire more informally.

Special considerations for retirees

There are many resources tailored to your needs if you are an unemployed older worker looking forward to a relaxing retirement, searching for volunteer opportunities, thinking about working part-time, interested in opening your own business, or facing health concerns. You can find support groups in your community or on the Internet to help you adjust to retirement. There are also a multitude of organizations set up just to help you find the resources and information you need.

 

 

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