Many people may soon be faced with one of life’s traumas — the loss of a job.

Such a time of stress requires a practical and calculated response. The goal is to manage the situation with as little harm as possible to your long-term financial well-being.

If you haven’t gotten a pink slip, the first step is to be prepared.

Personal finance experts, labor lawyers and benefits counselors advise getting the answers to many questions about severance money, health insurance, your 401(k) account and your savings and expenses — even before anything happens.

The first thing to remember is that a layoff can sometimes come with no warning. Theoretically, you must receive a 60-day notice, but that is only if there is a plant closing or a mass layoff at your company.

“Employees sometimes — if not often — get no advance notice of a layoff, and absent an agreement or plan providing for severance, may get no severance,” said Stuart Johnston Jr., an employment lawyer with Vinson & Elkins LLP.

A layoff may last longer than you think. According to the outplacement firm Challenger, Gray & Christmas Inc., the average unemployment period during the past four months was about 18 weeks — the longest in nine years. In March, about 5 million Americans stopped looking for work, the firm said.

“Folks underestimate the length of time it is going to take to get a new job,” said Damian Birkel, founder of Professionals in Transition Support Group Inc., a North Carolina-based nonprofit group.

“If you are earning $40,000, you should have as much as four months of savings to cover your paycheck.”

Make a list

Four months of savings or not, when you begin managing or preparing for a layoff, you have to map out a realistic snapshot of your finances.

Quite simply, you need to draw up a list of all income on one side and all expenses on the other.

When considering your income, look at revenue streams such as your spouse’s income, severance money, unemployment benefits and any savings you might have. Do not bring your 401(k) account or your house or car into this calculation. Remember that severance money and unemployment benefits will be taxed at some point.

Expenses should include mandatory payments such as rent or mortgage, car payments, utilities, insurance, debt repayments, day care, child support, transportation and groceries.

Note that health insurance can be a big budget item down the road if you’re not covered by a spouse’s plan.

“Once you identify all those items, compare total expenses and total income and figure out how much more money you might need,” said Ray Hooper, education and training director at Consumer Credit Counseling Service of Greater Dallas.

Currently, unemployment benefits are available for a maximum of 26 weeks. There is a 13-week extension if your 26 weeks ends before May 31. The benefits range from $52 to $328 a week, depending on your income.

You’ll have the choice of whether to have taxes withheld from your benefit check. If you opt to take all the cash upfront, keep in mind that you will be hit with a large tax bill the following April.

Check severance pay

With regard to severance pay, labor lawyers caution that an employer is not obligated to provide a severance package under federal law. Severance kicks in only if the company has a written policy that specifically talks about a severance plan.

Even then, “employers may terminate the severance plan shortly before layoff,” said Luke Bailey, a lawyer with Strasburger & Price LLP.

Assuming you do get severance, take time to digest what your agreement spells out.

Don’t forget to collect your vacation pay. The rule of thumb is that you get paid for the vacation time you have accrued. But there are caveats.

Watch health insurance

Regarding health insurance, the most obvious choice is to get yourself added to your spouse’s health plan. If that is not possible, a federal law called COBRA stipulates that you remain eligible for your company’s health coverage for 18 months — at a price.

You have to pay everything that your employer was paying each month, along with your own contribution. In addition, there is a 2 percent management fee.

“Sometimes the employee can negotiate reimbursement for COBRA coverage as part of a severance package,” said Laura Franze, a labor lawyer with Akin Gump Strauss Hauer & Feld LLP in Dallas.

Before you choose COBRA, you need to find out what your employer was paying every month toward your health-care coverage. Grab a copy of your health benefits plan before you leave, because you need to know the extent of your coverage.

“Do not dismiss COBRA coverage, because it keeps you from running into pre-existing conditions,” said Michelle Miears, a principal at Buck Consultants.

The other options for health-care coverage are group insurance plans and policies offered through clubs and associations.

What to do with 401(k)

The money you’ve saved in your 401(k) account raises myriad questions. First, do you want to park it with your former employer, or move it to an IRA?

You can leave the money with your employer until you reach the age of 65 — but this applies only if you have more than $5,000 in your account. If the account dips below $5,000, the employer will deduct 20 percent for taxes and send you the balance.

Another route is to move the money into an IRA account. This will provide flexibility with your investments and maintain the tax advantages. When you find your next job, you can always roll it into your new 401(k) account.