How to prepare for lay offs even if they're not likely

ATLANTA - Just as inflation is beginning to cool and gas prices are coming down, now we are hearing about lay-offs. Feels like we can’t catch a break. But is it a hiccup or a new trend? 

The post-pandemic economy has been full of surprises, and few have been good. 

Juul, the vaping company, announced it’s cutting 30% of its work force. But, they’re doing it to avoid bankruptcy after a lawsuit settled about marketing to teens. 

META. The Facebook parent company just announced it's letting 11,000 employees go. But founder Mark Zuckerberg admitted to over-zealous hiring during healthier times. 

Online real estate companies Redfin and Zillow are also cutting staff as high interest rates have cooled home sales after record-setting years of sales nationwide. But some say the market is correcting itself a bit. 

Hiring is still good in most sectors and unemployment is still low. Economists are not seeing this as a trend at this point. But you should still know what to do in the event you get surprised by a pink slip.

LAY-OFF ‘TO DO’ LIST

File for unemployment. Do that first. You can do that online. Consider your health insurance options. Talk to your employer about this as you exit. Check on your 401k savings plan. You have a minute to sit on that, but decide if you want to roll that over to an IRA.

A couple of things you can do to prep — just in case - is to refresh that resume. Get rid of any debt you can. And, maybe hold off on any big purchases until the economic forecast gets clearer.