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CFP® Practice Question: What Would You Do if Laid Off?

THIS QUESTION BROUGHT TO YOU BY: KEIR EDUCATION RESOURCES
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Practice Question:

Bob, age 47, has worked for XYZ Company the past 12 years.  XYZ Company has lost a major contract and must begin downsizing immediately.  Bob was laid off yesterday.  What should Bob do first?

A. File for unemployment benefits
B. Roll over his company 401(k) benefits
C. Convert disability coverage under COBRA provisions
D. Notify the bank holding the mortgage on his house