TIPS TO SURVIVE THE LOSS OF A JOB There are several steps you can take to help you survive losing your job without economic ruin. But time is of the essence. ASK QUESTIONS Before departing, ask what kind of compensation package you'll take away. Is there severance pay? What about unused vacation time? You are legally entitled to be paid a lump sum for the vacation days - not sick days - you have accrued, said Laura Moscowitz, staff attorney with the National Employment Law Project in Oakland, CA. Some companies will let you take your remaining vacation days - delaying your official termination date - instead of being paid for them, extending health care coverage. UNDERSTAND COBRA A federal law - the Consolidated Omnibus Budget Reconciliation Act of 1986, or COBRA, in most cases allows you to continue getting health insurance under your former employer's plan. But the company probably will stop subsidizing the premiums, so your monthly payments could double or triple. You have to sign up within 60 days, or the option evaporates. If your spouse has health coverage, the rules usually allow a spouse who has lost a job to be added to the plan at any time. You may also want to check out individual policies. But they generally require medical examinations to join - and can be pricy if you have health issues. APPLY FOR BENEFITS File for jobless benefits immediately. The payments typically cover no more than 35 percent of lost wages - but each state caps how much you can get per week. In Oklahoma, it's based on your earnings per quarter, and you currently qualify for 1/26th of it up to $392 per month, according to Jerry Pectol, director of the Unemployment Insurance Division of the Oklahoma Employment Security Commission. The benefits normally can last for six months if you remain unemployed that long. Congress sometimes lengthens the period during economic downturns. LEARN YOUR RIGHTS Depending on the circumstances of your job loss, you might be entitled to greater severance payments or extended unemployment benefits, said Maurice Emsellem, policy director at the National Employment Law Project. If you lost a job because of foreign competition (your employer moved production overseas) you could be entitled up to 52 weeks of unemployment benefits, plus 104 weeks of educational training assistance. If you were part of a massive layoff or plant closing, you might be covered by the federal Worker Adjustment and Retraining Notification Act, which requires your employer to give you 60 days' notice or pay you 60 days of back wages. Some industries and small employers are exempt. ASSESS YOUR FINANCES Pull out your financial records, sit down, with your spouse if you have one, and figure out a budget. If your spouse is working, your goal should be to live on the one income, plus unemployment benefits. If no other family members have jobs (or you're single) you will need to consider cutting expenses to the bone. The biggest mistake that the unemployed make is adjusting their budgets too late. TAP SAVINGS The best place to tap savings first would be a checking or savings account at a bank. If that's not enough, you can start liquidating investments that are taxable accounts. If you have money in a variable annuity, you may be able to borrow against the equity. Your last resort should be tapping a tax-deferred retirement account. Return to Additional Services

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