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career paths


CHANGING JOBS? KEEP YOUR FINANCES IN CHECK WITH THIS CHECKLIST


CAREER MOVES HAVE BEEN PLENTIFUL THE PAST YEAR. IF A CHANGE COULD BE IN THE
CARDS FOR YOU, YOU NEED TO BE READY WITH THE ANSWERS TO SEVERAL QUESTIONS. SCAN
OUR CHECKLIST TO SEE HOW PREPARED YOU MAY BE.

by: Caroline Wetzel, CFP®, CDFA®, AWMA®
January 23, 2022
January 23, 2022

Getty Images

Have the challenging past two years inspired you to think differently about your
life, your work and your finances?  You are not alone:

 * 50.3% of U.S. adults age 55+ now consider themselves retired. Before the
   pandemic, up from 48.1% of those adults before the pandemic.
 * More than 24 million U.S. workers quit their jobs between April and September
   2021.
 * For the 11 million open jobs listed in October 2021, only 7.4 million
   unemployed people were available to fill them.

 * Is Your Job Burning You Out?

Whether you have been thinking about a job change for decades or have been
motivated by recent events to make a career move, it is imperative that you
manage your transition with careful, calculated financial planning.

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To start the process, here are five financial pointers (my five “Bs”) for
changing jobs:


1. BUDGET

Before you make a career move, you need to be able to answer these questions:
How will your career change impact your income, expenses, savings and current
investing? How much of your current income are you saving and investing today
across taxable (e.g., brokerage), tax-deferred (e.g., traditional IRA) and
tax-free (e.g., Roth IRA) accounts? And how is your income projected to change
in the immediate term (the first 12 months) and intermediate (12 to 24 months)
period of your professional transition?

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 If a decrease in savings and investing is anticipated, when will you resume
saving and investing, and how will you hold yourself accountable to this
deadline?


2. BUSINESS IMPACT

Will your professional change have tax and/or financial planning implications?
Will you move from being an employee of an organization to owning a business?
Are you becoming a partner in a firm? Will non-cash equity be part of your
compensation?

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As you understand the business impact of your career change, chat with your
existing financial adviser to ensure you are accounting for the change in your
tax and financial plan.


3. BENEFITS

What perks do you receive today from your current employment, like insurance,
deferred compensation and/or equity-based compensation? How will these benefits
change with your new opportunity? Are there tax considerations associated with
your current benefits that might influence the timing of your professional move?

If benefits you rely on today will not be readily available through your next
opportunity, how will you meet the needs that no longer will be covered, such as
disability insurance?


4. BUDDIES

Who are the people — whether they be relatives or friends — that will be
affected by your professional decisions? How will a career change impact the
time that you have available to spend with these people, as well as the
lifestyle you can afford for yourself and them with your total compensation?

 * 8 Reasons Why You’re Not Getting Promoted at Work

As you transition to your new role, will additional time and money be required
to facilitate the move, prompting a change in daily life for you and your
buddies?


5. BUFFER

Typically it’s good to have three to six months of expenses in your emergency
savings. If you are moving from a salary-based position to a more
commission-based or entrepreneurial role, it may be important to build up a
larger cash reserve prior to making the transition.


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To complement your emergency savings, what additional sources of cash and
liquidity are available to you? Before you make the move, ensure that you have a
clear picture of the financial buffers available to you to provide cushion
throughout your transition.

 * Now Hear This: Workplace Noise Isn’t Just Annoying, It’s Downright Dangerous

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This article was written by and presents the views of our contributing adviser,
not the Kiplinger editorial staff. You can check adviser records with the SEC or
with FINRA.


ABOUT THE AUTHOR


CAROLINE WETZEL, CFP®, CDFA®, AWMA®

Vice President, Private Wealth Adviser, Procyon Partners

Caroline Wetzel  CFP®, CDFA®, AWMA®, is a vice president and private wealth
adviser at Procyon Private Wealth Partners.  She has worked in financial
services since 2001 and began specializing in wealth management for affluent
multi-generational families in 2015.  Caroline earned a B.S. degree in policy
analysis and management at Cornell University and an MBA in finance and advanced
certification in marketing from the University of Connecticut School of
Business.

 * wealth creation
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