A career change can be a positive or negative event in a person’s life; it all depends on how you look at it. Whether the circumstances are favorable (you've landed an exciting new opportunity) or the opposite (you’re one of the many being down-sized), a career change means there are new professional challenges ahead. Challenge often means opportunity the start of something better.
There are important issues you’ll need to resolve in either situation one example is health-care coverage. Invariably, there is a week or even more time between the end of one job and the beginning of another. If your spouse’s job doesn’t provide benefits, do you understand the steps necessary to continue your family’s protection?
If you’re making the decision to change careers, do you fully understand the trade-offs you may be making? Salary alone should not drive your decision. How does your new employer’s total compensation package compare to what you had before? It’s a good idea to do a comparison of benefits to assess what’s important to you. What about the 401(k) you’ve been contributing to for the last five years do you know how to handle it after you leave?
If you’re in that in-between stage and need help with these questions, contact a Western & Southern Life representative. We can help you sort through the issues and make suggestions to help you decide how to manage any short-term cash needs or achieve long-term goals.
Products for this Life Stage*:
If you’re in between 401(k) programs, explore new mutual fund opportunities to continue investment growth.
Term life insurance can provide smart, limited-time protection.
Things to Think about When Changing Careers:
Our Budget Planning Tool makes it easy to change your spending habits temporarily, or in response to a new salary.
Rolling your 401(k) or other employer-sponsored retirement plan into an IRA is a tax-free way to protect the assets you've already accumulated.
Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation.
*Products suggested for this Life Stage are not a specific recommendation or solicitation to purchase. Mutual funds are offered through an affiliate of Western & Southern Life.