Q: I have made many poor financial decisions in my life — starting with choosing a new field to major in that didn't pay diddly-squat on up to borrowing money to lend to my nephew's business. And of course the business folded …

I was fortunate enough to get a great job at Medtronic six years ago and loved it until I was laid off in February when they outsourced my team. I will be 61 this month and am single. While working at Medtronic I finally made good financial decisions, but now need to figure out what to do with my pension, 401(k), etc. and while I have looked at various resources and talked to Vanguard I am still at a loss.

I am not ready to retire but so far have had no luck at getting hired back at Medtronic (first choice) and have not heard back from any of the other companies where I applied online. I am signed up to start with the displaced worker program and just signed up for unemployment insurance. Do you have any ideas where or to whom I can turn?

Jean, Crystal

A: For now, I would leave your 401(k) with Medtronic. The investment is safe. Former Medtronic employees can leave their money in the plan so long as the balance is greater than $5,000. If you have to move the money, set up a rollover IRA that essentially mimics your Medtronic portfolio at Vanguard or a comparable low-cost financial institution. This way the money stays tax-sheltered.

While you're looking for work, the basic financial advice holds: Don't tap retirement savings; make a budget; and embrace frugality.

Even with Minnesota's relatively low unemployment rate, the job search is rarely easy. The displaced workers program should help, and I'm glad you've filed for unemployment insurance. I have a couple of other suggestions to consider.

It's hard to get a job applying online. More than half of all jobs come through informal channels — connections to friends, families, colleagues and acquaintances. Reach out to people you know, meet them for coffee and, before you leave, always ask who else you should you talk to.

I would consider talking to others in similar circumstances to share insights. You could attend one of the meetings of SHIFT, a nonprofit organization in the Twin Cities that works with people making a transition in the second half of life. Good luck.

Chris Farrell is senior economics contributor, Marketplace, and economics commentator, Minnesota Public Radio.