Changing Jobs

Changing jobs can be overwhelming. We want you to feel prepared. If you're making the transition to a new career, plan ahead for the short and long-term financial impact.

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Making a Career Change

The reasons for a change in employment vary significantly. A new career may give you more opportunities for leadership, advancement or even better compensation. And should you find yourself changing jobs involuntarily due to downsizing or layoffs, it's important to protect your assets as you search for a new position.

From your early job search through your first day on the job, consider a few key financial tips as you make the transition.

Contemplating a move?

Use your network

Research positions and companies and reach out to your network to connect with people who might be willing to provide their insight.

Save more money

Make sure you have enough in savings or an emergency fund to cover expenses during your job search. Aim for at least three to six months in expenses – more if you can.

Set goals

Determine what you want to accomplish with your career move. Perhaps you are seeking higher pay, better benefits, more responsibility, a higher profile, job flexibility or a chance to travel.

Prepare to negotiate

Consider what you are seeking in total compensation, and be prepared to respond if an offer falls short of your expectations.

Location

If you are interested in relocating for the right position, consider where you would be willing to move and what the cost of living would be.

You got the job! Now what?

Be confident that your transition will be smooth and free of costly mistakes.

Health Insurance

Make sure you and your spouse or other dependents have no gaps in coverage during or after the transition to your new job. Information on health insurance, if available through your new employer, usually is included in your initial offer.

Personal Time

Ask your current human resources or benefits representative to give you an account of any unused vacation, illness days or other personal time, and determine whether you are eligible for a payout.

Budget

If your new salary and other compensation is higher than in your current position, adjust your savings. Many employers offer payroll deductions to savings and other accounts, so you’ll never miss the money. If your salary will be lower, scrutinize your spending to identify areas where you can cut back.

Retirement Planning

If you currently have a 401(k) plan with your employer, you have multiple options. Depending on the amount in your account, you might be able to leave it there or take a distribution. Better choices are to roll your account into your new employer's retirement plan or an IRA (Traditional or Roth), which allows you to choose how the money is invested. Rollovers allow direct transfer of your retirement funds with no risk of penalty.

We can help you get there

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Individual Retirement Accounts (IRAs)

If you're changing jobs or planning to roll over your employer retirement plan, you can deposit your funds in another retirement plan or IRA within 60 days. Depending on your individual situation, you may have several options that allow you to keep the tax-deferred status of your retirement account.

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Retirement & Financial Planning

As you get closer to retirement, we can provide you with a comprehensive proposal that evaluates your current financial plan in relation to your retirement goals. We will also provide a clear explanation of the various retirement plan options available so that your election will be appropriate based on your goals.

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Anisa Dunn, SVP Senior Fiduciary Services Manager JD, CWS®, Racine, WI

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No matter what financial needs you may have, we're here for you. Our experienced advisors work closely with you to build the right path to help you achieve your goals.

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