Considering a Job Change? Here's a Checklist to Get Your Financial Considerations in Order

Are you ready to consider a job change or even take the leap into starting your own business? While there are many positive points to changing jobs that can greatly change and impact your life for the better, it is also important to consider how that job change can impact your financial life. In order to ease the transition from one job to another while also considering benefit changes, self-employment or contractual work, you will need to prepare for more than your two-weeks’ notice. Here is a handy checklist to keep in mind for your financial safety while potentially changing jobs.

Considering a Job Change? Here's a Checklist to Get Your Financial Considerations in Order

1.     12+ Months Before You Leave: Prepare Retirement. Now is the time to read the fine print of your retirement plan and contributions. Especially if your employer offers a group RRSP or a DPSP, be sure to read carefully through the policy and learn everything you can about getting control of your contributions. (Learn more about these types of plans here.)

2.     6 Months Before: Look at Individual Life and Disability Insurance. Your insurance policies are great when they are being subsidized by your employer. If you are moving into a new occupation where you will need to provide these yourself, then you might need to get the paperwork and medical assessments done months in advance.

3.     3 Months Before: Make Mortgage Changes. If you are going to refinance your home or consider a home equity line of credit, do not wait until you have changed jobs. Most lenders look at the length of time you’ve worked at your current employer, and a change can negatively impact your rates.

4.     2 Months Before: Use Up Your FSA! A flexible spending account is a use-it-or-lose-it policy. If you know you will be leaving, use up your FSA on bills or qualifying products.

5.     2 Weeks Before: Collect Important Financial Statements. Retirement information, T4s and tax information can often be seen through employee portals. Use this time to collect this information before you are no longer allowed to access it. You will want this information when filling out paperwork for your next job.

If you are looking to change jobs in the next year, please consider these points to keep your financial future safe. For any questions you might have, please talk with us here at BlueRock Wealth Management.

Request an Appointment