How to handle your money after you’re laid off


While layoffs announced in May by Ford Motor Co. were the latest to grab headlines, the automaker isn’t alone in trimming its payrolls. Retailers, snack foods companies, manufacturers and others are cutting costs across the country, too.

Many times employees are caught totally off guard.

“When it’s unexpected, there tends to be a panic,” said Kelley Long, a certified public accountant and a financial education advocate for the American Institute of CPAs.

Jobs relating to the auto industry may be particularly vulnerable in the future, too.

Bank of America Merrill Lynch analyst John Murphy said in a speech in May: “The industry is right now staring down the barrel of what we think is going to be a significant downturn.”

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