Financial Planning

Checklist: What Issues Should I Consider When Starting a New Job?

When you start a new job, this shift can come with a number of changes that might impact your financial situation, both in positive and negative ways. In this checklist, we focus on reviewing the potential financial impact of a job change, including:

Cash Flow and Income

• Will your income and expenses change due to your new job?

• Any adjustments should be reflected in a new income and spending plan.

Employee Benefits

• You should review the benefits offered by your new employer, especially health insurance, to gauge the impact on your financial situation.

• If you still have Flexible Spending Account (FSA) dollars left with your former employer, be sure you use this money so as not to lose it.

Retirement Plans and Deferred Compensation

• If you participated in a retirement plan with your former employer, you will need to decide what to do with your account (e.g., leave it, roll over to IRA, roll into new employer plan). Additionally, you will want to be sure to deal with any stock options and deferred compensation you may have with your former employer.

• You should review the retirement plan options offered by your new employer, and be sure to contribute as soon as you are eligible and implement an investment strategy that aligns with your overall portfolio.

Other Planning Issues

• Will your new compensation move you into a different tax bracket? Be sure you adjust your withholding accordingly, and look at any tax planning opportunities.

• Will you be subject to any type of non-compete or other restrictions as part of your new job?

View Checklist: What Issues Should I Consider When Starting a New Job?

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Allos Investment Advisors®, LLC.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.

Published for the blog on May 16, 2022 by Allos Investment Advisors®, LLC.


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