​Congratulations! Whether you have been seeking a new challenge for a while, or just leapt at a great opportunity, I hope this is a big step forward in your professional life.

Allow us to help, with a convenient checklist to help cover the potential financial implications  of changing companies or positions. See below or click on the file to the right to download a copy.

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job_change_2.0.pdf
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Job Change Checklist:

Miscellaneous

√	Update your employment contact and address information with those who should know. Inform your family, bank, financial advisor, accountant and legal counsel of your new situation/address if you are moving to take a new job.
√	Ensure that you are set up for direct deposit of your new paycheck.

Financial Planning

√	Review and compare your living expenses versus to your new income.
√	Assess new cash flows and determine the potential for added savings or debt reduction.
√	Review your emergency fund.
√	Plan for potential bonuses (if applicable). Determine a percentage to spend, save and invest.
√	Call your student loan provider (if applicable). Payment levels may change depending on your income.
√	For help crafting a financial plan, schedule an introductory call below.

Taxes

√	Total up any severance, unused vacation pay, and unemployment compensation.
√	Perform a paycheck checkup. Determine your withholdings with your tax preparer or use the IRS Calculator: https://apps.irs.gov/app/tax-withholding-estimator
√	Update your W-4 with your new employer.
√	Determine the cost basis of any company stock or stock options granted.
√	Relocating?   Gather necessary documents to develop cost basis on your home if you are selling. Update the withholdings calculator above if you will have capital gains.
√	Relocating?  Remember that moving expenses are no longer deductible under The Tax Cuts and Jobs Act of 2017 for tax years 2018-2026. Any employer reimbursement of moving expenses is included as income. There is an exception for military relocations.

Retirement Savings

√	Set up new company 401(k) and adjust auto-enrollment instructions as necessary.  Gather all data need to designate your beneficiaries date of birth, SSN, contact information) .
√	​Plan for any company stock you own.  Unvested options will not be transferrable. You may be required to exercise options within a certain window after leaving your employer. Check with them and plan for the tax implications.
√	Set up/update automatic contributions to outside investment accounts as necessary.
√	Decide on a plan for your old 401(k). You may be allowed to keep it in the old plan, or you may want to roll it to your new 401(k) or an IRA/ Roth IRA. There are potential advantages to each. Set up a time below to evaluate your options.

Life Insurance / Estate Planning

√	Review and understand your new employer benefits.
√	Calculate / update your life insurance needs and attain additional group insurance if offered.
√	Supplement life insurance needs through private insurance if necessary.
√	Review and update your will, trusts etc. (especially if you are relocating).

Health Insurance 

√	Review and understand your new benefits. Proactively manage your coverage to avoid a potential lapse.
√	Set a recurring calendar reminder for the open enrollment period in your new plan. You don’t want to forget when you are able to make necessary changes.
√	Health Savings Account (HSA): Transfer the balance to your new health plan if available. If not, leave it where it is. Avoid the temptation to use an HSA if possible, to take advantage of tax advantages for growth and distributions.
√	Flex Spending Accounts (FSAs) require you to use them in the calendar year they are funded. Because they are pre-funded by your employer they cannot be rolled over. Hopefully you spent your balance before your last day at the old job.
√	If you don't qualify for insurance with your new employer right away, consider the options between the federal Health Insurance Marketplace, COBRA continuation coverage, enrolling in your spouse's plan (if available) or private medical insurance deepening on your health, budget and any pre-existing conditions.