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New Year, New Career: A Checklist for Career Changes
Review and update your short- and long-term financial goals with your Edward Jones financial advisor. He or she also can help you develop a strategy to work toward them.
Be sure to set up direct deposit for your paychecks, or if you’re retiring, you’ll want to set up direct deposit for your Social Security, pension, dividend and other checks. If your new employer offers a retirement plan, consider contributing at least enough to earn an employer match, if one is offered. And don’t forget about any paperwork from your previous employer, including a 401(k), pension or stock options.
If you’re switching jobs, make sure you enroll in any employer benefits that fit your situation. If you plan to retire, you’ll want to confirm your health care coverage before you leave the workforce.
Income Tax Considerations
If your switch involves a tax bracket change, be sure to consult with your tax professional. If you incurred relocation or job hunting expenses, capital gains on a home sale, unused vacation pay or unemployment compensation, you’ll want to discuss this with your tax professional as well.
Is your life insurance still appropriate for your situation? This would be a good time to review your coverage. You may want to work with an estate-planning attorney to create or update your will and any other estate documents.
For more information or any questions, please contact Mark Grooters at 616-281-9026 or www.markgrootersgrandrapidsfinancialadvisor.com