Starting a new job can be an exciting career move, but it’s also a financial shift that requires planning. Beyond salary, your compensation likely includes benefits like equity, deferred compensation, and retirement contributions, each of which plays a role in your long-term financial success.
From understanding your financial situation to deciding what to do with your retirement savings we can help you navigate the complexities you may face after leaving or switching employment. Our team at StackStone Wealth can help you stay on track during, before, and after a job transition. An Ameriprise Financial Advisor from any of our offices in Lake Geneva, WI, Marquette, MI, Dubuque, IA, or Rockford, IL can help you create a plan for your financial future.
New Employer’s Benefits Package
One of the first areas to look at is your new employer’s benefits package. Compensation structures vary widely, from deferred compensation plans to stock options and performance-based bonuses. If you’re transitioning from a role with equity or long-term incentives, it’s important to know how these benefits transfer, what tax implications they carry, and how they align with your financial goals. A well-structured plan can help you make the most of every opportunity looking to avoid unnecessary tax burdens.
Retirement Savings
Your retirement savings strategy may also need adjustments. Leaving a job means deciding what to do with your 401(k) or other employer-sponsored plans. Rolling over assets into an IRA or a new employer plan, consolidating accounts, or adjusting contribution levels can all impact your long-term financial outlook. Additionally, your new position may offer expanded retirement options that can help set you up for more financial security down the road.
Health and Insurance Benefits During a Job Transition
Health and insurance benefits often change during a job transition and reviewing them early keeps you from having any gaps in coverage. Differences in health plans, HSAs, FSAs, and employer-provided life and disability insurance can affect your financial plan. Understanding these benefits helps you make informed decisions that can protect both your short-term needs and long-term financial well-being. Learn more about bridging the healthcare gap during job transitions here.
When you Land a New Job
Working toward a more financial confidence doesn’t stop once you’ve changed jobs. In fact, it’s a great time to talk with your Ameriprise Team about how our exclusive Confident Retirement ® approach can help you make decisions today so you can feel more confident about your tomorrow.
We Can Help
At StackStone Wealth, we help professionals navigate these transitions with more confidence. Whether you’re assessing a new benefits package, rethinking your retirement strategy, or looking for ways to optimize your tax situation, we provide the guidance you need to make an informed decision for your situation. If you’re in the middle of a job transition or planning for one in the future, let’s have a conversation about how to make the most of this opportunity.
Read more about financial considerations when changing jobs here.
Read more articles by StackStone Wealth