Job change or layoff
Financial planning for a job change or layoff
Start with the checklist
Download my checklist of what to consider if you lose your job. No email needed.
The decisions that usually come up
- How long your savings and severance can carry you.
- Health insurance between jobs, including COBRA.
- What to do with your 401(k) and any company stock.
- Whether a lower-income year is a chance for a Roth conversion.
- What you need to earn next, or whether you need to earn at all.
- The pros and cons of each path, so you can choose one.
One thing at a time
A career transition throws twenty questions at you at once. We put them in order: what has a deadline, what can wait, and what you'll want to revisit once the dust settles. One foot in front of the other. A job transition project often covers cash flow and budgeting, retirement accounts and investments, and tax planning.
It depends on the fees, the investment choices, whether you hold company stock, and your plans for the next job. Leaving it, rolling it to an IRA, or moving it to a new employer's plan can all make sense.
As strange as it sounds, it's one of the best times. You're facing decisions with deadlines, and getting them right can shape your next few years.
A planning project is built for that. It starts at $1,000, paid in two payments, and ends with written recommendations for your situation.