I'm Changing Jobs
A job change can offer the exciting prospect of new opportunities. At the same time, there are some important financial factors to consider as you make your big move!
After finishing up those last few projects and turning in my office keys, I had one more important decision to make. How was I going to transfer my company sponsored retirement plan?
After discussing it with the Customer Service Representative at my bank, I have a few options to consider. Of course, rolling over my 401K instead of cashing it out makes the most sense. I can roll it over to either a Roth IRA or my new company’s retirement plan.
Rolling it over to a Roth IRA would also allow me to avoid the taxes and penalties of cashing it out.
Since my new position came with a salary increase, I’m going to take another look at my total contributions. I’ve learned it’s a good idea to increase my contributions as my pay increases to ensure a comfortable retirement.
I’m also taking a look at my life and disability insurance coverage to make sure I’m protected in case I get hurt, or even worse.
My new position also offers some new health insurance options to consider. The Health Savings Account seems like the way to go, since I’m health conscious and preventative care is covered. It lets me save on my monthly premiums and choose how much I want to save each month.
This is a pretty exciting time in my career. Once I make these important financial decisions, I’ll really feel settled into my new job.