What if you lose your job #2: Unemployment insurance

Unemployment insurance programs are administered by the states, so your first step is finding out how to apply where you live. In many states, you can apply online or by phone. Your benefits may not begin immediately, but you’ll want to get your application in as soon as possible after your job ends to start the process.

Unemployment benefits typically run for up to 26 weeks but may be extended for an additional 13 weeks in some states. They’re likely to replace only a portion of your income (in New York, for example, the current maximum is $405 a week), but any cash flow is better than none when you aren’t getting a regular paycheck.

Your benefits are also taxable, so if you don’t need all the money now and want to avoid a tax obligation next April 15, consider having income tax withheld from your check.

This site offers some basic information about unemployment insurance and related resources. —Greg Daugherty

Greg writes the “Retirement Guy” column each month in the Consumer Reports Money Adviser newsletter.