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 on you, 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 of your financial situation.
  • If you still have 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?
This is a comprehensive checklist of the types of issues for an individual who is starting a new job. This change can have a great financial impact, and your planning can help you to make the most of this life transition.

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What Next?

If you have some lingering questions after reviewing the checklist, feel free to schedule a call or come in for a review. You can use the links below.