Changing Jobs Checklist

Starting a new job or business is an exciting time with many new and rewarding challenges. While the transition can be stressful, you can take steps to make sure your transition is a smooth one.

What to do before you leave your old job

Meet with your benefits counselor or review your current benefits to make sure you understand the following:

• Which benefits need to be replaced, such as health, disability, or life insurance

• Which benefits can be kept or transferred, such as a workplace savings plan
• When benefits such as health, disability, or life insurance will cease and how COBRA insurance can help fill a gap in coverage between your old and new job
• What compensation, if any, you are entitled to, including back pay, vacation days, sick pay, or future distributions

What to do with retirement assets

Bringing together old workplace retirement savings accounts in one place can be an important part of a sound financial strategy. It will help simplify your finances and give you a clearer view of your financial picture.  For many investors, rolling over old workplace savings accounts to an IRA may offer the most compelling benefits for managing retirement savings. It’s also important to review investments at least once a year and rebalance as necessary.

We can help you:

• Consolidate old workplace savings accounts.  
• Manage your existing retirement savings based on your individual needs and preferences.  
• If you have appreciated company stock, or participate in an employee stock option agreement, consider possible appropriate net unrealized appreciation (NUA) strategies.

When you start your new job

Take the time to understand your new employer’s benefit options so that you can make the right decisions for you. Then be sure to take the following actions:

• Enroll in your new workplace savings plan as soon as possible, take full advantage of any employer match, and, if possible, increase your contribution to the maximum allowed.
• Choose the health insurance coverage option that best meets your health care needs.
• Review life and disability insurance coverage to ensure that you have adequate protection.
• Review the beneficiary designations on your insurance policies and retirement accounts.