Dart Container Layoff

Dart Container, a major employer in the Greater Lansing area, has announced plans to lay off 250 workers, 160 of which are from the Mason headquarters. Dart Container's recent announcement of layoffs has undoubtedly caused concern and uncertainty for many. These job losses will most certainly have a significant impact on the Mason community as a whole. As a major employer, the company plays a crucial role in the local economy. The Mason area, known for its strong sense of community, has a history of rallying together in times of need. This event is no exception. Expect to see local businesses, organizations, and individuals stepping up to offer support, resources, and encouragement to those affected.  If you are, unfortunately, one of those 160 individuals in Mason or among the other 90 that are directly affected by these layoffs, here are some things to consider during this time:

TAKE CARE OF YOURSELF   

This may not seem like the most practical first step, but prioritizing your physical and mental health is essential during this time. Make sure to get enough sleep, eat healthy, and engage in regular physical activity. Exercise can be a great way to reduce stress and boost your mood. Additionally, seeking support from friends, family, or a mental health professional can be invaluable.

EXPLORE UNEMPLOYMENT BENEFITS

If you are eligible, file for unemployment benefits as soon as possible. Unemployment benefits can provide temporary financial assistance while you search for a new job. Be sure to follow the application process and deadlines carefully to ensure you receive the benefits to which you are entitled.  This may not be a “simple” task, as many learned during the mass pandemic related layoffs in 2020, so understand that it may require some additional diligence.

REVIEW MEDICAL INSURANCE 

Job loss is a qualifying event for you to apply for new insurance.  This may mean switching to your spouse's employer benefits, utilizing COBRA, applying for private insurance, or qualifying for state benefits through Medicaid.  

ASSESS YOUR FINANCIAL SITUATION

In addition to possible unemployment benefits, Dart’s layoffs do come with a severance package intended to get you by.  While these resources can be helpful, they certainly won’t replace lost income for very long.  It is important to take a close look at your budget and identify areas where you can cut back on spending. Create a detailed budget that includes your income, expenses, and savings. There are a number of free resources to help you create a budget. These resources are easy to use and more sophisticated than Apple Notes.

UPDATE YOUR RESUME AND NETWORK  

Your skills and experience are valuable assets. Even if your current job is no longer a fit, there are likely other industries or companies that can benefit from your expertise. Take this opportunity to update your resume to highlight your skills and experience.  Networking is also crucial in job search efforts. Reach out to friends, family, former colleagues, and industry professionals to let them know that you are actively seeking employment. Attend industry events and participate in online networking groups to expand your professional connections.

REVIEW RETIREMENT ACCOUNTS

Dart Container offers a 401(k) through Vanguard that includes a company match.  Your length of service, whether or not you participated in the plan, and even if you had to take a loan out at some point will determine the overall net balance of your retirement account.  In your statement, the “Vested Balance” will indicate that amount.  You have a number of options to explore with that account balance.  In many cases, rolling it into a new employer retirement plan or an individual retirement account makes the most sense for retaining control of, and continuing to grow, that nest egg.

EXPLORE NEW OPPORTUNITIES 

Sometimes, job loss can lead to unexpected career paths or an earlier than planned retirement.  Consider exploring new fields that align with your interests and passions. Whether it's starting your own business, pursuing a creative endeavor, or returning to school, there are countless possibilities waiting to be discovered.  If this event does kick start an early retirement, this is a good time to consult with your financial advisor to review your financial plan to ensure an early retirement will be successful.

Our advisors here at Financial Strategies Group have been in the area for decades and have worked with numerous current and former employees of Dart Container over the years.  We are well-versed in the options you have available, as well as some additional things you may want to consider.  Our goal is to help you make good, informed decisions so that you experience the best quality of life that you can, both during this season of life and well into the future.  I encourage you to contact the office or visit our website to schedule a complimentary consultation with one of our advisors.

Written by Justin Meyer 

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