If you’ve experienced a job loss or change, you may be wondering, what now?

Changing jobs or getting laid off can be stressful—especially financially—but managing the situation effectively can help you to bounce back quickly while safeguarding your future financial well-being. So how exactly do you do that?

First, consider amending your financial plan and budget. Since your income could be affected by your job situation, at least temporarily, it might be a good idea to take another look at your expenses.

Do you qualify for EI? Is your spouse’s salary enough to get you through the rough patch without liquidating assets? Do you have any debt? How much? It’s important to consider all these questions and more to make the necessary adjustments. Make sure you have a clear picture of your financial situation.

Next, you may need to update your investment strategy. Don’t make high-risk investments to try to make up for lost income. Instead, it’s a good idea to move toward more liquid investments in case you need to access your money. Something to think about!

Last, what about your pension? If you were enrolled in an employer-sponsored plan at your former workplace, you might be able to transfer those funds to a different retirement savings vehicle like an RRSP, a life income fund or a pension plan with your new employer. What should you do?

If this seems complicated, don’t worry—we’ve got the expertise to support and advise you.

Whether you need us to look over your pension plan documents or revisit your financial plan, we’re happy to help.

Each Desjardins Securities advisor named on the front page of this document, or at the beginning of any subsection hereof, hereby certifies that the recommendations and opinions expressed herein accurately reflect such advisor’s personal views about the company and securities that are the subject of this publication and all other companies and securities mentioned in this publication that are covered by such advisor. Desjardins Securities may have previously published other opinions, including ones contrary to those expressed herein. Such opinions reflect the different points of view, assumptions and analysis methods of the advisors who authored them. Before making an investment decision on the basis of any recommendation made in this document, the recipient should consider whether such recommendation is appropriate, given the recipient’s particular investment needs, objectives and financial circumstances.