Is there any general rule of thumb for how much someone should save to get through a layoff? For example, someone making around $60K with about five years of experience. Asking for a friend.
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@ty Not one post comment even mentioned unemployment, let alone not filing for it, so who are you calling id--ts? In NO state will unemployment benefits cover all the bills. You need to have substantial savings to survive a layoff. Six months isn't going to do it anymore. And for your edification, VZ pays the same unemployment insurance as every other company in the states they do business. It has nothing to do with how many layoffs they do. You must have been recently laid off; you seem very bitter. Put that energy into your next job.
Enough to cover 6 months of necessities at a minimun. Apply for unemployment the very next day after you're off payroll.
Don't listen to anyone, they're id--ts. Let the state decide your eligibility, nobody else knows a damn thing and it WILL sc--w you. VZW pays a heft Unemployment Insurance tax because of how often they fire and lay people off, so take more of their money as soon as you can.
In this job market, I would recommend a minimum of 12-18 months salary.
Money aside for at least a year if you are young. More if you can afford. If you are still employed, try to re-tool, while still employed, and then start looking elsewhere. Something that can't be replaced by AI. "Hands on" job, literally. It may take you a year, or more to find a job these days, and it may not be a great but it is just a survival for now...
The old Numbers no longer work, go on LinkedIn right now and count the number of people that have been unemployed a year or Longer. What is happening now with the Mass AI Layoffs is unprecedented and jobs are being eliminated faster than they can be replaced.
Start with 3 months of daily expenses including gas groceries and out of pocket health insurance & bills etc etc. I mean most people would recommend at least 6 months but legit cut down expenses. Pay off debt from smallest to largest. And just save.
But everyone is in a different situation then everyone else.
At least start with 1k emergency starter fund and go from there
Dave Ramsey's rule is enough to cover six months of expenses.
As I've gotten older, I've pushed that out to one year's worth.
@OP does not matter what you make, it is what you need to survive, always have an emergency fund to pay for everything minium to 6 months....