Changing jobs is an exciting time in your life, but with that excitement comes some anxiety of the unknown. Here are some things to keep in mind when it comes to financial impact.
Before making a big career move, take some time to consider how it will affect your finances. How will your career change impact income, expenses, savings and investments? Revise your budget to ensure you have enough money in your account to cover any expenses through the transition to your new employer.
Benefits are just as important to consider as income when making a career change. How will your healthcare coverage change in terms of quality and cost? How will your vacation and PTO change from your current company? Does the new company offer any retirement plans or stock options? Looking at the total compensation package holistically will give you a better sense of what potential employers are offering.
When changing jobs, consider how it will affect your retirement plans. You may already have a 401k set up through your current employer and need to transition those funds to a new account. If the new company offers a different type of retirement, you may opt to rollover your existing 401k into an IRA. The financial professionals at BankChampaign can help you make decisions regarding your retirement funds.