Job Transition

Trading Places

Financial considerations a job transition brings, including benefits and 401k rollover

You’re excited to startyour new job. But have you made the requisite financial arrangements?

What to Do with Your Old Retirement Plan

You can leave it as-is, roll it toward a new plan, or choose a self-directed IRA. Each plan offers different flexibility and control. Consider these factors:

  • Cost differential. What is the total cost for your current plan, new plan, and self-directed IRA?
  • Beneficiary policies and limitations. Self-directed IRAs typically provide the greatest flexibility for estate purposes.
  • Asset control. Employer-sponsored plans often limit your options and strategies.

Keep in mind that if you leave your assets with your former employer, they could face bankruptcy or another situation that could affect your return.

More than Just Retirement

A job transition is also a good time to do the following:

  • Update your financial vision and develop a roadmap to get there.
  • Review your insurance coverage to avoid unexpected exposure or gaps.
  • Review your new employer’s benefit plans, and find an alternative if you are not eligible.

If you’re nearing retirement, also conduct an in-depth Social Security analysis. Understand your choices, and determine your optimal benefit claiming strategy.

Transitioning to a new job can be stressful financially. But our dedicated team of financial planners can help reduce your stress and increase your enjoyment as you make your transition.

To learn more about how to financially plan for other life pivot points, click the links below:

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