Here's an unemployment calculator - very scary stuff!

[rafiki]

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[Renee in NC]

Our state unemployment website has a place where you can enter your SS number and it will tell you what you qualify for (estimated.) Ours was a little higher than what this calculator says and he used to be eligible for much more.

 

We'll be able to get about $282.00. I don't qualify for any because the majority of my work history I have been self-employed.

[Quiver0f10]

The results are much lower than I imagined and wouldn't even cover Cobra (health insurance), let alone rent/mortgage and basics.

 

http://www.epi.org/content.cfm/datazone_uicalc_index

 

I am shocked by the amount! We would be able to either pay our rent or buy food, maybe have enough for gas and that's it. :eek:

[Kari C in SC]

The results are much lower than I imagined and wouldn't even cover Cobra (health insurance), let alone rent/mortgage and basics.

 

http://www.epi.org/content.cfm/datazone_uicalc_index

 

I am on unemployment right now due to the extension they passed over the summer. I get the max of $275 a week. I was very lucky that when I was laid off at the end of 2006 - I was given an excellent severance package that paid my salary and health insurance for 9 months. It was a nice surprise that I qualified for the extension. I just found out a little over a month ago when piece of mail was fwd to me from our Florida address. It has sure come in handy with a lot of unexpected medical expenses. I have no idea how someone could support a whole family on this. We had to rent our house out in Florida and move to South Carolina to cover my loss in income. At least they did just approve another extension. It is not great, but at least it is something.

[hornblower]

This is a Canadian calculator:

http://www.employment-insurance.info/

[Renee in NC]

I guess I never thought of unemployment as something that would cover everything, help yes, but I never even considered that it would pay a mortgage and food and health insurance. It is a very minimal payment and I don't know anyone who could support a family on an unemployment check for very long.

 

I think the problem is that as unemployment goes up, so do the number of applicants for each job. Add to that a reduction in the number of jobs available, and it can get scary fast. No, it doesn't (and shouldn't) pay for all living expenses, but it's a reality for many right now.:001_huh:

[hornblower]

I guess I never thought of unemployment as something that would cover everything, help yes, but I never even considered that it would pay a mortgage and food and health insurance. It is a very minimal payment and I don't know anyone who could support a family on an unemployment check for very long.

 

Yes.

I consider it a supplement to our savings. Having 6 mos living expenses in the bank, our UI would stretch the savings out to 12 mos at still a decent level of living. With real penny pinching, I think I could stretch it out longer. This gives us a solid year to regroup, to begin selling assets, consider moving, changing careers, etc etc.

[rafiki]

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[rafiki]

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[Kari C in SC]

Yes.

I consider it a supplement to our savings. Having 6 mos living expenses in the bank, our UI would stretch the savings out to 12 mos at still a decent level of living. With real penny pinching, I think I could stretch it out longer. This gives us a solid year to regroup, to begin selling assets, consider moving, changing careers, etc etc.

 

Yes, this is what we did. I had 9 months of severance on top of 26 weeks of unemployment. We stashed money away as best we could. We also stockpiled medication before our insurance ran out. We were lucky that we had a 9 month safety net as well as savings before hand. I can't imagine what it is like to just be laid off with nothing. I was freaked out and we had something to fall back on.