What is what to do when you lose your job at 60?

Losing your job at 60 can feel overwhelming, but it's crucial to take proactive steps to navigate this transition. Here's some guidance:

• Acknowledge Your Emotions: Allow yourself time to process the situation. Job loss, especially later in life, can be emotionally taxing. Don't hesitate to lean on friends, family, or a therapist for support.

• Financial Assessment: Immediately assess your financial situation. Understand your severance package, savings, investments, and potential expenses. This will help you create a realistic budget.

• Explore Unemployment Benefits: File for unemployment benefits as soon as possible. This can provide crucial income while you search for new opportunities.

• Review Your Health Insurance: Understand your health insurance options. COBRA allows you to continue your employer's coverage for a limited time, but it can be expensive. Explore alternatives like the Affordable Care Act (ACA) marketplace or Medicare if you're eligible.

• Update Your Resume and Skills: Your resume may need updating to reflect your latest accomplishments and skills. Consider highlighting transferable skills and tailoring your resume to specific job applications. If necessary, invest in skill enhancement through online courses, workshops, or certifications.

• Network and Job Search: Actively network with your contacts. Let people know you're looking for a job. Utilize online job boards, professional networking sites like LinkedIn, and consider working with a recruiter specializing in mature workers.

• Consider Alternative Career Paths: Explore alternative career paths such as consulting, freelancing, or starting your own business. Your experience and expertise can be valuable in new and different ways. Investigate entrepreneurship opportunities.

• Retirement Planning: Revisit your retirement plan. Losing your job may require adjustments to your retirement timeline or strategy. Consult with a financial advisor to discuss your options and ensure you're on track.

• Stay Positive and Persistent: Job searching can be challenging, but it's important to stay positive and persistent. Don't get discouraged by rejections. Keep learning, networking, and refining your approach. Remember, your experience is an asset.