Financial Management During a Job Change
In previous generations career changes were infrequent and noteworthy events. In today’s global economy the job marketplace has evolved, and Americans are changing jobs more often than at any time in the past.
A new job can bring new opportunities, but keeping your financial plan on track during the transition can be a challenge. Here are some of the issues you might face as you change jobs:
• Maximizing your retirement savings - Understanding your vesting schedule and the options for control of your retirement benefits are essential.
• Maintaining your health insurance during job transitions – It is important to understand if and how your health insurance can remain in place as you switch employers. This is especially true, if you may have a waiting period before you can participate in your new employer’s health care plan.
• Understanding how your stock options work – Stock option planning can be complicated. You must consider not only when its “profitable” to excerise, but the tax triggers in excerising as well.
• Managing multiple retirement plans – Consider consolidating your retirement assets for easier management.
• Taking withdrawals from your plans – Whether you need to access your retirement assets now or in retirement, there are many careful considerations as to “how” and “when” you withdrawal your benefits.
Making the Transition
At every stage of life there may be times when a job change makes sense. Our mission is to assist our clients in making a successful career transition - one that fosters growth and gives the client confidence in moving forward.
Contact Nick Ventimiglio today for your complimentary initial consultation. We look forward to hearing from you.