Times can be overwhelming when it comes to starting a job or switching career paths. Here are some steps that you can take to ensure your transition is smooth.
Before you leave your current job
- Most employers prefer that you give a two weeks' notice before quitting. After you have received an offer for a job in writing, be sure to notify your current employer next.
Know benefits available at your new company
401(k) roll over options
- Keep your money with your current employer (usually as long as you have at least $5,000). The benefit for this option would be that you already know the plan.
- Completely rollover your money to your new company. Your human resource department can you with the rollover and if your new company doesn't offer a retirement plan, many companies let you set up an IRA online.
- Your current employer sends you a check, usually if your balance is below $5,000. You will have 60 days to deposit the full amount into another retirement otherwise you will be subject to taxes and penalties.
- More questions? Contact Lisa McCoy at 515-382-2191.
Sign-up for direct deposit
Track your monthly expenses
- Be sure to track your monthly expenses and income before switching jobs to ensure a healthy budget with your new income.
Check all current accruals
- Meet with your Human Resource Director(s) and discuss all accruals that you are entitled to upon leaving.
- Be sure to track your monthly expenses and income before switching jobs to make sure that you can afford your spending on your new income
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- Sick Pay
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