6 Things People Need To Do To Plan For A Job Change | Intentional Money Matters with Harry Stout
I am joined by Harry Stout, author and host of FinanciaVerse Podcast, as we continue our Intentional Money Matters Series on the BetterWealth Show. Harry shares with us The Great Resignation and the 6 things people need to do to plan for a job change.
1. Make an accounting of how much cash and other financial resources you have to tide you over until you get a new job. Look before you leap.
2. On the other hand, it is easier to find a job if you still have one. This is the old, but still correct adage, that for most people they should not quit their current job unless you have a new one.
3. Be sure to determine if you will lose any stock options, 401(k) employer contribution vesting or other forms of compensation that are tied to your length of service with your current employer before quitting.
4. Research your new employer to make sure you know what kind of organization you are joining and that it matches your values and workstyle.
5. Nail down all the details of the new position including job description, compensation, benefits and the dates all benefits start. Ask for a copy of the employee handbook to do your research as part of the hiring process. In particular, determine when any new health and vacation benefits accrue and can be used.
6. Don’t forget about your old 401(k) as you change jobs. Plan to move the assets to an individual IRA or into your new employer’s plan to keep these assets working for you.
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