Career Crossroads E-Book

Making the transition from here to there

Congratulations! All of your hard work has paid off, and you will soon be starting an exciting, new job! As you begin your new role, you will most likely be concentrating on learning your position and building relationships with your new colleagues. In addition, there are some financial details that should not be overlooked.

n  Consolidate your retirement savings. When you are starting a new job, you may have the option to move your former employer’s retirement savings to your new employer’s plan. This will help you

n  Ask about health insurance. Your new employer may have a waiting period before you can join the health plan. If you are still eligible for coverage under COBRA with your former employer, consider enrolling until your new insurance becomes effective to ensure that you and your family are protected. n  Look into life and disability insurance. Research the provisions of your new employer’s disability and life insurance plans. Does the disability plan cover short-and long-term disability? What percent of your salary will you receive each month if you are unable to work? How much life insurance is provided? If the coverage is limited, consider supplemental policies to safeguard your family’s peace of mind.

to keep all of your retirement savings organized, and in one

place. If this is not an option or you would prefer to explore different investment options than what your new employer makes available, consider an IRA rollover. n  Contribute to your new retirement plan. Your new employer may automatically enroll you in the retirement plan, or there may be a waiting period. While you may have had a period of time when you were not contributing to a retirement plan, it’s important to keep your long- term financial security in mind and pick up right where you left off. Be sure to maximize any opportunity to receive an employer match on your contribution.

Don’t go it alone Being in between jobs can be a challenge—professionally, personally, and financially. In times of financial difficulty, consult your financial, legal, and tax professionals for guidance with your money and investments. Qualified, licensed professionals can help you to objectively assess your situation and make prudent financial decisions while you are unemployed.

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