Broker Check
Blisk Financial Group

Complimentary Consultation 

Call Today  (800) 262-3458

Offices in McLean, VA and Hilton Head Island, SC

Job Change Financial Planning

Job Change Financial Planning Information

Changing jobs is a big life decision. Whether you're already committed to it, or you're on the fence, it's important to make basic financial checks between jobs to see how your financial situation might change.

One tricky problem is this: what to do about those retirement savings? Believe it or not, you have options. You can keep it in your former employer's plan, transfer it to a new plan, move it into an IRA, or take the cash.

Here are how all those options weigh out.

Leaving It in the Former Plan

This is definitely the path of least resistance. It's easy to simply leave it in the old account, and the money still grows, tax free, until you decide to take it out.

The problem is if you ever switch jobs again, you'll find yourself managing multiple accounts - and your investment will be limited by what your employer provides.

Transferring It to Your New Employer's Plan

This is the neatest option. Once again, you'll be putting your assets into a plan that with tax-deferred growth potential, and you have the benefit of not managing multiple accounts.

The downside is if you don't transfer the funds in a timely manner, you'll be subject to income tax and early IRS withdrawal penalties.

This is always on the table, though it's not recommended. The money will not grow, and you're subject to early-withdrawal penalties.

Roll the Money Into an RIA

This may be the power option, after all's said and done. Not only do you keep the growth potential of the assets, but you'll have more investment options than your employer will allow.  And you'll keep your assets in one easy to track account.

The only issue is that there may be higher fees associated with rolling the money into the IRA.

Changing jobs and don't know your financial options? Call Blisk Financial Group today for more information.