The first few days matter — for your severance, your insurance, and your unemployment benefits. Lumeway walks you through it step by step, starting with what's most urgent right now.
Don't sign your severance yet — you have time. File for unemployment today (there's usually a waiting period). Take inventory of your benefits and save copies of important documents from your employer.
Choose between COBRA and marketplace health insurance. Review your severance agreement carefully. Create a bare-bones budget based on what you'll actually receive.
Handle your 401k (don't cash it out). Update your resume and LinkedIn. Start strategic applications — quality over quantity.
Reassess your budget. Explore bridge income options. Follow up on anything that's stalled. Your Lumeway dashboard tracks all of this for you.
Critical deadlines
Under federal law (OWBPA), workers over 40 get 45 days to review a severance offer, and 7 days to revoke after signing. Under 40, it's typically 21 days. Don't let anyone rush you.
Most states require filing within 1–4 weeks of your last day. The sooner you file, the sooner your waiting period starts. Don't delay — you can't get back-pay for weeks you didn't file.
You have 60 days from your coverage end date to elect COBRA. It's retroactive, so you can wait and only elect if you need care — but don't miss the window.
If you receive a 401k distribution check, you have 60 days to roll it into an IRA or new employer plan. Miss this and you'll owe income tax plus a 10% early withdrawal penalty if you're under 59½.
Job loss triggers a 60-day special enrollment period on Healthcare.gov. This is separate from COBRA — compare costs before deciding.
If you signed a non-compete, review its terms now. Enforceability varies dramatically by state — some states (like California) don't enforce them at all.
Trusted resources
U.S. Department of Labor tool to find unemployment benefits, career services, and training by state.
careeronestop.org →Enroll in marketplace health insurance after job loss. Special enrollment period available for 60 days.
healthcare.gov →Official federal guide to unemployment benefits, eligibility, and how to file by state.
usa.gov/unemployment →Job search resources, skills training, and employment programs for workers over 50.
aarp.org/aarp-foundation →Your job loss dashboard
Organized guidance built for exactly this moment — so you can protect your finances and plan your next move.
Your personal dashboard
Track every step in one place
Checklists, in-depth guides, a resource directory, and a glossary of terms — all organized around your specific situation.
See all dashboard features →See it in action
Start with a free conversation — Lumeway walks you through your situation step by step. Then track everything in your personal dashboard: deadlines, documents, activity log, and state-specific resources.
Lumeway helps you protect your income, your benefits, and your future — starting with exactly what to do today.
Free to start. No credit card required.
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