?? How to get ready for a layoff ??

With the daily barrage of layoff announcements happening across America right now, you are probably thinking about something you have not had to think about for quite a while:

Plan B.

Everyone has one, a rough idea of what they will do if Plan A goes totally haywire. (Mine? Teach journalism, work at a nonprofit or start a doggie daycare).?

As layoffs accelerate – especially in tech, with 140,000 last year and more than 77,000 so far this year – your Plan B might not be just a theory anymore.

You may have to take it out of the drawer, dust it off – and put it into action.

To help you do that, there is the timely new book “The Great Money Reset” from Jill Schlesinger, CBS News business analyst and host of the “Jill On Money” radio show and podcast.

“It’s always smart to ask yourself, ‘What would happen to me if I lose my job today? How would I navigate that, and what should I be doing right now to prepare?’” Schlesinger says. “Because life is never a straight line. Careers zigzag – and so does life.”

Layoffs are not the only thing that can lead to a Great Money Reset, a moment where you have to take stock and re-evaluate everything in your financial life. It could be a health issue, a divorce or a hundred other sticky issues life will throw at you.

In other words, the question is not whether a Great Money Reset is coming your way – it is when.

So as you sit down and think through the elements of a financial reboot – spending, saving, career path, retirement outlook, and more – here are a few factors to consider from Chris Taylor.

Switching jobs? What to do with your 401(k)

Speaking of job losses...

The old line that “you can’t take it with you” does not apply when it comes to your 401(k).

When you change jobs, get fired or retire, you have three basic choices: leave your retirement account where it is, roll it over to a new employer or move it to a standalone individual retirement account (IRA).

IRAs have been gaining ground. The share of the retirement market held in IRAs jumped from 31% to 38% in 2021, according to a recent report by Cerulli Associates. The research and consulting company expects that figure to rise further, to 41% percent by 2027, with most of the growth coming from rollovers.

When does it make sense to leave a 401(k) plan behind? Mark Miller has some advice here.

Can’t buy me love ??

Valentine’s Day may have come and gone, but financial infidelity is everlasting.?

Whether it is a big purchase, a hidden debt or an unknown account, 39% of us have committed some form of "financial infidelity" against the person we are partnered with, according to a survey from financial information site Bankrate.

"Year after year, we find that people have these financial skeletons in their closets," says Ted Rossman, Bankrate’s senior industry analyst. "People feel ashamed and embarrassed and end up hiding stuff – then the secret starts taking on a life of its own."

Among those who are married, in a civil partnership, or living with their significant other, 12% have a secret credit card, Bankrate found. Meanwhile 11% are racking up big expenses their partners do not know about, 10% are carrying hidden debt, and 9% have a secret savings account.

One interesting note is that younger generations are hoarding the biggest financial secrets. With Generation Z, a whopping 63% hid money details from their current partners, along with 54% of Millennials – both numbers far higher than with Gen X or Baby Boomers.

Whatever your own indiscretion may be, transparency is always a good thing in a relationship. Here are four ways to drag these financial skeletons out of the closet.

Post-Valentine’s protip ??

If you love chocolate (me!), you may have noticed that it is more expensive. Companies such as Mondelez, Nestle and Lindt hiked chocolate prices this year, and people paid 10.7% more for chocolates.?

But now all of that candy is on sale! So run, don’t walk, to your local retailer to scoop up your holiday favorites at reduced prices. (I’m partial to the Dove Dark Chocolate Hearts.)?

Just don’t save them for next year, unless you want your loved one to break a tooth.

REUTERS POLL ??

Here is some egg-cellent news: egg prices are falling.?

Egg producers in the U.S. expect prices for eggs to decline soon, after record high rises over the past year. Farmers blame the surges on high production costs due to inflation, and a nationwide outbreak of avian flu.?

Are you buying fewer eggs? Take our poll here.

Can money buy you happiness? ??

For generations, society has grappled with the question of whether money brings happiness. Now a new book has some answers - with the data to back it up.

There is an easy answer, according to Robert Waldinger and Marc Schulz, authors of "The Good Life": No, money will not buy you happiness. That's according to the findings of the Harvard Study of Adult Development, the world's longest study on happiness.

The more complex answer is money is obviously a huge part of our everyday existence, and up to a certain income level ($75,000 in a well-known study) will indeed affect our satisfaction in terms of meeting basic needs and providing for our families.

Beyond that, though, there is no correlation. For most financial experts, the point is to not treat money as the ultimate goal, but as a means to an end, to shape a meaningful existence.

“Money can’t buy us happiness, but it’s a tool that can give us security and safety and a sense of control over lives,” says Schulz, who is also a psychology professor at Pennsylvania’s Bryn Mawr College. “At the end of the day, life is really about our connections with others. It’s our relationships that keep us happy.”

But there are lessons to be learned about money and joy. Here is what the world’s longest study on happiness can teach us about our lives, our careers and, yes, our money.

?? NEW NEWSLETTER ALERT ??

Reuters On The Money is now an official Reuters email newsletter! If you like what you're reading here, be sure to sign up for more. And you can subscribe to the LinkedIn version of the newsletter right here.

SEND ME YOUR MONEY QUESTIONS!

Are you thinking about hiring someone to do your taxes? Or are you trying to save for a summer vacation? Send your money questions to me, and I'll tap my extensive source network and braintrust for expert advice.

Submit your questions here.