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Smart moves can pay off after layoff
Your money
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If you get laid off or “downsized,” it’s unquestionably a tough break, and it can be stressful. However, if you make the right investment-related moves, the loss of a job doesn’t necessarily mean you have lost the opportunity to achieve your financial goals.
Above all else, don’t panic when you learn of an impending termination. If you are going to get a severance package, you may not have to take the first offer that comes your way. You might be able to negotiate for more attractive terms. But even if there is no room for negotiation, you need to make sure you get all the information you need, such as whether the severance will be paid at once or in stages. As severance packages may have tax consequences, you should consult with a tax advisor before deciding.
Here’s another suggestion: Don’t rush to collect the money from your 401(k), 403(b) or 457(b) plan. Of course, if your retirement plan is your main source of savings, you may have no choice. But once you cash out, you’ll no longer benefit from tax-deferred growth. Also, your former employer must withhold 20 percent from your distribution.
If you don’t cash out your plan, what should you do with it? You might be able to leave the money in your former employer’s plan. When you get your next job, you could move the money into a new employer’s plan, if the new plan allows such transfers.
However, you can get much more flexibility by rolling over your retirement assets into an IRA, which provides almost unlimited choices. By making a direct IRA rollover, you’ll avoid the 20 percent withholding and current income taxes on your retirement plan distribution, and you’ll give your earnings the potential to keep growing on a tax-deferred basis. Keep in mind, though, that before you reach 59-1/2, your IRA withdrawals will be subject to ordinary income tax and a 10 percent penalty, unless you take systematic distributions under Section 72(t) of the Internal Revenue Code. To make sure you’re making the right moves, consult with your tax and financial advisors before tapping into your IRA.
After deciding what to do with your retirement plan, you might also want to adjust your other, non-IRA investments. While you were working full time, you may have established an investment mix that was based on a variety of factors, including your goals, time horizon, risk tolerance, ability to invest and your need for growth and income. But if you are between jobs for an extended time period, you may need to adjust your portfolio. A financial advisor can help you select an appropriate investment mix. Once you’re employed again, you can readjust your portfolio as needed.

Cardella is an investment advisor with Edward Jones in Hinesville.
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GPA grows trade, market share
Intermodal volume up 20 percent
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Rubber tired gantry cranes handle cargo at the Chatham Intermodal Container Transfer Facility at the Port of Savannah. The Georgia Ports Authority's Mason Mega Rail project will double rail lift capacity to 1 million containers per year by 2020 - photo by Provided

The Georgia Ports Authority achieved 14 percent growth in March container volumes, moving 355,208 20-foot equivalent unit (TEU) containers.

From July 2017 to March, TEU container trade grew by 9 percent, or 255,786 additional units for a total of 3.08 million, a new record for Savannah.

"Savannah's continued strength is a reflection of our customers' commitment, Georgia's leadership, and the many dedicated service providers, GPA employees and ILA members who come together every day to achieve great things," said GPA Executive Director Griff Lynch. "March marked our 17th consecutive month of business expansion thanks, in part, to a strong economy and growing market share."

Intermodal rail volumes jumped by 20 percent in March and 15.4 percent for the fiscal year to date, for a total of 318,454 containers handled over nine months – another record for the GPA.

"As the numbers show, our rail cargo is growing at a faster pace than our overall trade," GPA Chairman Jimmy Allgood said. "This is important because rail is playing a key role in our responsible growth strategy. We anticipate our rail infrastructure investments to take 250,000 trucks off the road each year by 2020."

The GPA recently broke ground on its Mason Mega Rail Terminal, on which the Port of Savannah will build 10,000-foot unit trains within its own footprint. From the expanded rail infrastructure at Garden City Terminal, Class I rail providers CSX and Norfolk Southern will provide direct rail service to major Southeast and Midwestern markets from Memphis to St. Louis, Chicago to Cincinnati.

An added benefit is that the Mason Mega Rail project will move all rail switching on terminal – improving vehicle traffic flow around the port.

In August, the GPA will open its Appalachian Regional Port in Murray County. Located in an industrial belt, including the production and export of carpet and flooring, automobiles and tires, the ARP will provide an alternative to all-truck transit to Northwest Georgia.

Each round-trip container moved via the Appalachian Regional Port will offset 710 truck miles on Georgia highways.

March was also a strong month for roll-on/roll-off auto and machinery units at the Port of Brunswick and Ocean Terminal in Savannah. Colonel's Island Terminal in Brunswick handled 66,144 cars, trucks and tractors, while Ocean Terminal added 4,050, for a total 70,194, a 17.2 percent increase.

"The global economy is thriving and our volumes are following suit," Lynch said. "As existing accounts grow their footprint in the expanding auto facility in Brunswick, Georgia's competitive logistical advantages are drawing additional business across all of our docks."

Lynch noted that for the fiscal year to date, Mayor's Point breakbulk terminal in Brunswick grew by 44 percent (34,515 tons) to reach 112,728 tons of forest products. At East River Terminal, bulk cargo expanded by 34 percent July-March (189,918 tons) for a total of 750,384 tons.

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