Making a Move...

Posted by Valley Financial Group

When we go out to buy new shoes, there's a lot of questions we ask ourselves before we make a choice. How do these feel? Do they fit? Will they make me run faster or jump higher? While I am unfortunately still hunting down the shoes that will make me the next marathon world record holder, there is one very important question that we all ask ourselves before purchasing a brand new pair of kicks. How do they look on me? There's no trial period or warranty on sneakers, so you have to be sure you like the way they look and feel before stepping into your new sneaks. Just like you can't go back to Foot Locker and get a refund for the sneakers you bought, it is very hard to go back to tell your ex-employer you were wrong and that you'd like your job back. So whether your moving on to a new employer or becoming your own boss, leaving your old position is a bold leap of faith, and there's a few things to keep in mind to make the transition as smooth as possible. 

1) Make sure your new job is a deal.

To many people jump the gun and hand in their two-weeks notice, only to find out they don't have a job they thought they had. This one seems obvious, but be 100% sure before making this decision.

2) Make sure Life Style and (more importantly) your Family agree with the decision.

Many little things can do major damages to a new job. Personality differences with coworkers, or worse, having to work with a Dallas Cowboys fan, can cause some mild problems. But without your family on board, it is going to be difficult to have success in your new occupation. Most families don't want to see you at work 24/7, when you need to balance your time between your job and loved ones. Having loved ones on board with your new job decision should lead to  more success at work as well as lots of support and love at home. Also, you don't want to take a job that's going to take away from your life and the things you love. If its preventing you from living your life, it probably won't work out.

3) Check your Healthcare.

Always make sure you know the health care options before accepting a job, and be prepared to pick the plan that works best for you and your family's needs, whether it be a HMO, preferred provider, or fee for service plan. Ask for copies of both the Summary Plan Description(SPD) and the Summary of Benefits and Coverage(SBC) to make sure you have all the details and information needed to make the best health care choice for you and yours, as well as knowing plan requirements, premium amounts, and of course, who to talk to if you have questions or need more information.

4) Check your Retirement Plan.

The money that you have invested in your 401k will always be yours, however you will not get to keep any company money that is not vested, so its a good idea to take a look at your vesting schedule. You have choices with rollover options with your retirement plan when leaving your employer.  You could rollover your 401k into your new company's plan, but some companies have a waiting period of up to a year a before you can transfer your funds into their retirement plan. In this case, you could continue to invest your money into another account so you don’t fall behind investing for retirement.  Also, you could rollover your 401k into an Individual Retirement Account or Roth IRA.  Remember if the rollover check is sent directly to you, you have up  to 60 days to deposit the check into a retirement account to avoid paying income tax on your money and, if you are under 55 years of age, paying a 10% early withdrawal fee on your money.

5) Take a Short Vacation.

Take a short break before starting a new job, just to help drop the baggage from your last employer and the stress of starting a new job, and also to spend a little time with the family.  After being rejuvenated, you'll be excited to learn a new job, meet new coworkers and, depending on how the kids are, just excited to get out of the house. Don't make this break to long though, you don't want to be weary from travels and wearing worn out sneakers on your first day.