With the country's unemployment rate at a 25-year high, 12.5 million people are currently out of work—and millions more may be laid off in the coming months. Even if you still have a job, financial expert Suze Orman says it's never too early to start formulating an unemployment action plan. "I know a lot of you never thought in your wildest dreams ... that you'd have to go and get unemployment, as if there's some disgrace about it. There isn't," she says. "It is an entitlement that you actually deserve. But you have got to take an action."

4 Things You Need to Know About Unemployment:
  • You have to be laid off to collect. You cannot apply if you quit.
  • There is no time limit to apply.
  • If you apply and are denied unemployment, you have a limited time to appeal. Each state is different, so check the time frame with your local office.
  • You can apply online. "So you don't have to go down; you don't have to do all these things that could be embarrassing for you," Suze says.
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.


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