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How to survive a layoff and protect your finances
As more Americans are losing their jobs, these tips can protect your finances, secure health insurance and help find your next job fast.
- The new year is an ideal time to review your financial goals and create a plan.
- A financial plan should evaluate your income, savings, retirement, portfolio, and any debt.
- Those early in their career should establish an emergency fund and begin saving for retirement.
- Workers nearing retirement should plan for expenses, health care, and Social Security benefits.
With the new year just around the corner, it’s a great time to check in with your financial goals.
As many Americans face economic strains from things like job loss or the rising costs of goods, understanding your finances, and how to keep them under control, can help.
“The new year can be a great time to reflect on the last 12 months and plan for the year ahead,” said Sherry Carrico, regional director at J.P. Morgan Wealth Management. “You may already be setting New Year’s resolutions and planning in other areas of your life, and you can do the same when it comes to your finances.”
Carrico said it is important for people to evaluate their income, savings, retirement contributions, portfolio and any debt when making a financial plan.
According to J.P. Morgan Wealth Management’s 2025 investor study, 90% of respondents with a financial plan in place felt confident in reaching their financial goals versus 49% of respondents without a plan. Carrico recommends working with a financial advisor or utilizing online tools to create a personalized plan that fits your unique life needs.
“You can think of it as a roadmap for your financial journey. You can use it to track your progress and gauge if adjustments are needed throughout your lifetime,” Carrico said. “You should revisit your plan regularly, especially during big life moments where your situation has changed.”
The Courier Journal spoke with Carrico to discuss how people can get a handle on their finances heading into 2026.
Note: This interview has been edited for clarity and conciseness.
Courier Journal: What does or should a financial check in consist of?
Carrico: “Set aside some time to review your progress from the last year. Did you meet the targets you set at the beginning of 2025? If you didn’t, ask yourself why and see if you need to make any adjustments to your financial strategy. You should also think about any big life changes in the past year and whether you expect any in 2026 — like a new job, having a child or getting married. It can be helpful to then map out what goals you want to meet in 2026 and how you want to get there.
Are you saving for a house or vacation, or want to contribute a certain amount to retirement? This can help you assess where you’re at in your financial journey and give you a guide for what you want to achieve in the year ahead.”
CJ: How do you create a financial plan?
Carrico: “Take some time to evaluate your short-term and long-term goals. Maybe you want to save enough to retire at a certain age, put aside funds for your kids to go to college or for your family to go on vacation. You likely have multiple goals you want to work toward at the same time.
Once you have your goals in place, map out how long you have to reach them and how much risk you are comfortable taking with your investments. It’s important to know what you’re investing toward and how long you have to get there. Your plan will probably look different than someone else’s, and that’s OK.”
CJ: For people early in their career, what financial things should they be considering going into 2026?
Carrico: “Those early on in their career may also be early on in their financial journey. Before you start to invest toward long-term goals, consider setting up an emergency fund to cover three to six months of expenses and focus on paying down any high-interest debt. Many young professionals put their retirement fund on the backburner, thinking they have plenty of years until that stage of life. But the sooner you can start putting money away toward your future retirement, the better.”
CJ: What should mid-career workers be considering financially going into 2026?
Carrico: “See how many years away you are from your target retirement age, and if your plan still aligns with that. If you haven’t started investing for retirement yet, it’s not too late to start.”
CJ: What about late career workers near retirement?
Carrico: “Late career workers should plan for their retirement transition. They should think about their projected spending in retirement, plans for health insurance and long-term care, when they plan to take distributions from any retirement accounts and when they plan to take Social Security benefits.”
Contact business reporter Olivia Evans at oevans@courier-journal.com or on X, formerly known as Twitter, at @oliviamevans_.