Laid Off from AT&T? 5 Tips to Manage Your Pension and Healthcare
Make informed decisions about your AT&T pension, 401(k), and healthcare with these 5 essential steps.
You probably feel a mixture of shock, stress, and uncertainty if you were recently laid off from AT&T. Regardless of whether it was referred to as reorganization, severance, or surplus, one thing is certain: your world has changed, and you now have significant questions about what comes next.
It’s important to understand that your financial and professional future is not over. Making confident, well-informed decisions about your advantages and next steps is the first step towards what may be a fresh start.
Your AT&T Layoff Isn’t the End—Here’s How to Move Forward
Layoffs aren’t personal; they’re often the result of broader AT&T organizational changes. But when it happens to you, it feels very personal, especially when you’re trying to figure out:
- What happens to your AT&T 401(k) plan or pension benefits?
- How long will your AT&T retiree healthcare coverage last, and what should you do when it ends?
- Is your AT&T severance package being taxed fairly?
- Should you take your severance as a lump sum payout or as monthly installments?
- What financial choices make the most sense for your short- and long-term goals, considering AT&T’s benefit structures?
These questions don’t have simple answers. They depend on your unique financial situation and the specific AT&T retirement and severance plans.
Key Steps to Take After a Layoff
We’ve identified important steps you should take when affected by an AT&T layoff, severance, or reorganization. Understanding your AT&T pensions, 401(k)s, retiree healthcare options, and severance packages is essential to making informed decisions. Taking these steps will help you navigate your benefits with greater clarity and confidence.
1. Review Your AT&T Severance and Benefits Package:
Look closely at what your AT&T severance includes—pay, extended healthcare, or other support. Ask yourself: Is it enough? Is it being taxed correctly? Should you negotiate for more? Understanding every detail is critical to making the most of your AT&T benefits.
2. Review the Options in Your AT&T Retirement Plan:
Decide on your AT&T 401(k) and pension benefits. Is it better to transfer your 401(k) to a new employer's plan, roll it over into an IRA, or leave it in place? Consider each option in light of your tax status and financial objectives.
3. Plan Your AT&T Health Insurance Options:
Carefully consider your options for coverage, including COBRA continuation, ACA Marketplace plans, or spousal coverage. The costs and benefits of each vary. Choose the plan that will keep your coverage intact and free of needless gaps or costs.
4. Rebuild Your Financial Plan with Purpose
Make a financial plan that supports your next steps, regardless of whether you're taking a break or launching into a new job. Control your cash flow, savings, and investments to align with your priorities moving forward.
5. Get Personalized Guidance from Advisors Who Know AT&T Plans
Most advisors don’t understand the details of AT&T’s severance, pension, or benefits programs. That’s why it’s important to find an advisor who truly knows AT&T’s specific plans, runs your numbers, and crafts a personalized benefits review and cash flow plan to help you navigate this transition confidently.
Next Steps
Now is the time to make clear, confident decisions. The Farther Focus Team supports AT&T employees navigating layoffs, severance, and retirement transitions. We help you make sense of your AT&T-specific benefits—pension, 401(k), retiree healthcare, and severance. By specializing in AT&T benefits, we're tuned into the details that make a real difference. Let’s meet to review your benefits and discuss personalized guidance for your next steps.
