Job Transition Guide – Planning for a Change

Congratulations on landing your new job! While it can be exciting, changing jobs often brings some major financial considerations. When you enroll in your new retirement plan and benefits, you may not know what to do with benefits at your old job, including your old 401(k) plan and stock options. There are many things to consider when changing jobs. The focus of this guide is to help you ensure nothing falls through the cracks.

Understanding your new benefits and transitioning away from your old ones is a critical (and often forgotten) part of the job transition process. These decisions typically occur within a short window, so you won’t want to procrastinate.

The Guide to Managing a Job Transition covers:

  • What to do with your old 401(k) or 403(b) retirement plan
  • Setting up and enrolling in your new retirement plan
  • Vesting and what happens if you leave behind stock options or RSUs at your old job
  • Understanding equity compensation at your new job
  • Health insurance, life and disability insurance
  • Health savings accounts and medical FSAs
  • Deferred compensation plans and what happens after you quit
  • How a big raise or other changes can impact your entire financial situation
  • And other things to consider when changing jobs

 

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About Darrow Wealth Management

Darrow Wealth Management is an asset management and financial planning firm with offices in the Boston area and partnering with professionals across the United States as a SEC-registered investment advisor. Our Private Wealth Management Program uses a proactive 360° approach, so you can feel confident that you have a trusted partner dedicated to growing and protecting the lifestyle you’re working so hard to build. The Darrow team of financial advisors, holding CFP® and CFA® distinctions, serves a diverse client base, including business owners, doctors, biotech, tech, and software professionals.