Journal of my life changing career event....Part 2
Well, I guess I'm on my way as I have met my financial advisor and made my initial plans. My purpose is to highlight some decisions that may help others who face similar career changes in their lives.
As half of 2008 is about gone, I only need to worry about the remaining 6 months of this year. I should begin to receive unemployment compensation soon in July.
The most important things I have learned was that I could indeed get unemployment benefits for 26 weeks and that I need to purchase some term life insurance as the only insurance I had before was through the company.
I do not need to decide about my retirement investments for a few months yet, but I am looking to invest in an annuity investment plan through ING. These types of plans can be tricky and you need to really find out about the fine print of fees and penalties for early withdrawals, etc. but if you are careful and check everything out properly through a good financial advisor and lawyer, if need be, they can make some guarantees that protect you against really bad slumps in the stock market, such as has been happening in the early part of 2008. These annuities guarantee that your investment will not drop below a specific percentage, depending on the company.
As I get closer to the actual investment, I will post anything I can to be cautious of, should anyone wish to pursue this for retirement planning.