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Changing Jobs
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Times can be overwhelming when it comes to starting a job or switching career paths. Here are some steps that you can take to ensure your transition is smooth.
Before you leave your current job
- Most employers prefer that you give a two weeks' notice before quitting. After you have received an offer for a job in writing, be sure to notify your current employer next.
Know benefits available at your new company
- Most employers don't offer health coverage starting on day one, so be prepared for whatever gap coverage needed.
401(k) roll over options
- Keep your money with your current employer (usually as long as you have at least $5,000). The benefit for this option would be that you already know the plan.
- Completely rollover your money to your new company. Your human resource department can you with the rollover and if your new company doesn't offer a retirement plan, many companies let you set up an IRA online.
- Your current employer sends you a check, usually if your balance is below $5,000. You will have 60 days to deposit the full amount into another retirement otherwise you will be subject to taxes and penalties.
- More questions? Contact our specialist at First Point Wealth Management.
Sign-up for direct deposit
- Many companies offer the benefit of direct deposits. If you would like your checks to be automatically deposited into your account(s) sign up with direct deposit.
Track your monthly expenses
- Be sure to track your monthly expenses and income before switching jobs to ensure a healthy budget with your new income. Check out Financeworks to learn about tracking your expenses.
Check all current accruals
- Meet with your Human Resource Director(s) and discuss all accruals that you are entitled to upon leaving.
- Be sure to track your monthly expenses and income before switching jobs to make sure that you can afford your spending on your new income
- Back Pay
- Vacation Pay
- Sick Pay
- Future distributions
Additional Resources:
- Resume Builder
- Job Searches
- Indeed
- Career Builder
- Monster
- Linkup
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Getting Married
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Congratulations on the engagement! Getting married can be such an exciting time, but there is a lot of planning that goes into it and this can make it a little stressful. Here are some things that you may want to consider updating after the big day.
Discuss finances
- Update bank accounts
- Contact a Personal Banker at 515-382-2191 to schedule an appointment.
- Combine finances
- Merge accounts to get rid of paying on duplicate bills
- Work together to create a realistic budget
- Discuss credit scores with each other for future purchases
- Reduce and eliminate bad debt to help build a stronger credit
- Put money aside for an emergency fund
- Start planning and saving for the future
Update information
- Personal Information
- Driver's License
- Passport
- Credit card companies
- Insurance companies
- Physicians
- Utility companies
- Student loans
- Alumni association
- Memberships
- Insurance companies
- Employers
Update your social security card with your new last name. Your number will remain the same.
Update your mailing address if a move occurs
Consider making your spouse beneficiary on all accounts
- Life insurance
- Personal investments
- Work savings or stock plan accounts
Update insurance
- Review health care plan and update with spouse information
- Consider buying life insurance
- Review beneficiaries
Filing taxes
- Update W-2 tax exemptions
Create a will
- Establish or update your will to include your spouse
- Review beneficiaries
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Having a Child
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Things are about to change with the news of a child coming into your life. There are many responsibilities that come with caring for someone else. Let us help you make sure that you have everything in place so that you are ready when the time comes.
Review your finances
- Review and revise your budget to account for child-related costs
- Don't forget-Medical and dental expenses
- Reduce or eliminate debit to increase your credit
- Set aside an emergency fund for those unexpected expenses
- It's never too early to set up a college fund for your children
- Set back money for more expensive purchases in the future such as cloths, school supplies, electronics
Discuss benefits with your employer
- Talk with your human resource department about any benefits that you may be able to sign up for
- Adoption reimbursement
- Flexible spending
- Child care subsidies
- Maternity leave
- Disability
Update tax information
- Take advantage of the government credit for becoming a parent
- Update your W-2 tax exemptions
Create a will
Inquire about life insurance
Start a savings account