HOW A FURLOUGH (OR LAYOFF) AFFECTS YOUR FINANCES … AND RETIREMENT
Furloughed and unsure what to do next? Many people who have never been furloughed or laid off before are experiencing confusing times through the COVID-19 crisis. And, at the time of writing, the continued presence of financial aid funds is questionable, leaving potential for continued increases in unemployment. Let’s take a look at furloughs and layoffs and what they could mean for you. But first, what’s the difference? A furlough is an unpaid leave of absence and tends to imply that you’ll return to work (once cash flow is back to normal, in many cases). You don’t report to work or get paid, and you may lose some of your benefits. (We repeat: some! You may not lose all of them. In some cases, you can keep your health insurance despite being furloughed.) Getting fired or laid off is permanent. There’s a lot you need to know, but let’s focus on three things first: filing for unemployment, bills and debts, and your 401(k) contributions.
Firstly, whether you’re furloughed or laid off, be sure to file for unemployment. While the CARES Act is set to expire July 31 and would no longer provide an extra $600 to unemployment checks, you’ll still receive your state’s weekly allowance. For bills and debt, call your creditors to discuss your situation. Ask about what they offer for people experiencing reductions in income, and take notes and ask about any fees, additional interest, and whether they report any postponed payments to credit bureaus. Keep in mind that student loans held by the federal government will not require payment or accrue interest through Sept. 30. Lastly, your 401(k) should safely remain in place if you’re furloughed, but don’t count on contributions toward it while you’re absent from work. Being able to control your 401(k)’s fate is trickier if you’re not fully vested, which could happen if you’re furloughed for an extended amount of time and then laid off. Now, if an employer terminates
20% or more of its workforce, a “partial plan termination” could be triggered, in which case the IRS could decide that all affected employees would become 100% vested. Learn more about furloughs and layoffs in these times, like the other ways they affect your 401(k) and health insurance, on our blog at DuPontWealth.com .
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WEEKNIGHT CURRIED APPLE PORK CHOPS
Inspired by The Primal Desire
INGREDIENTS
• • • • • •
2 tbsp coconut oil or ghee
• •
2 tbsp hot curry powder
1 cup onion, diced 1 tbsp garlic, crushed
3 cups diced apples (peeled or not, your choice!)
1 tsp ginger, finely chopped
• •
6 pork chops
1 tsp salt
Cilantro, roughly chopped
1/2 cup water or apple juice
DIRECTIONS
1. Preheat oven to 375 F. 2. In a large pan over medium heat, melt coconut oil or ghee. 3. Add onions, garlic, ginger, and salt. Sauté for 10 minutes or until onions are soft and mixture is fragrant. 4. Mix in water or apple juice and curry powder. Then add apples, ensuring they get coated in sauce. 5. In an oven-safe dish, arrange pork chops, cover with sauce and apple mixture, and cook for 20 minutes (if using bone-in chops, cook for an additional 10 minutes) or until the meat reaches an internal temperature of 145 F. 6. Garnish with cilantro. Enjoy!
CAMPING FAIR FIREPIT FRIENDSHIP
PERIDOT POPPY RAFTING SUNDAE
SCHOOL THUNDERSTORM VIRGO WATERMELON
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