Economic Crisis Survival Tip: If you lose your job

Labor stats show nearly a half-million Americans cleared off their desks the first week of October and filed for unemployment.

If you lost your job, Consumer Reports has today's economic survival tip:

If your employer offers SEVERANCE PAY, take the INSTALLMENTS instead of the LUMP SUM.  That will help your cash flow...and let you contribute to your 401k during the severance period.

Apply for UNEMPLOYMENT INSURANCE with your state's insurance department.  It should replace part of your income for at least 26 WEEKS.

Extend your company HEALTH INSURANCE coverage under the COBRA law.  If eligible, that will buy you at least 18 more months of medical coverage.

Some helpful links: