Why You Should Plan Ahead When You’re Changing Jobs
Most of us would think that getting a new job - especially if it’s one that pays more - is all good news, and we’d just be waiting for the start date. But the more financially aware would think that there are still some important things to plan ahead when you’re about to have a change of job. Some of these include:
- Consider which benefits might be better with your current employer than with your next one, and take advantage of it. For example, if your health insurer is different you may find it worthwhile to get new spectacles before you leave your current employer; or if you need some dental work and your next employer offers a better health package then postpone it if you can.
- Look at the vesting schedule of your pension plan with your current employer. If the date you will be fully vested is occurring soon, it can get you a lot of extra pension savings by staying with your current employer until that date, which far outweigh the extra income you would get by moving to the new job sooner.
- Think about the tax liability in your new job. If it will push you into a higher tax bracket you might want to make early tax deductions so that you don’t feel the effect so hard.
This entry was posted on Tuesday, November 25th, 2008 at 5:35 am and is filed under Jobs & Employment. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
