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Changing Jobs Checklist

Not sure where to start? This checklist will help with the proper step when changing jobs.

General information

  1. Has relevant personal information been gathered?
    • Names, ages
    • Children and other dependents
  2. Has financial situation been assessed?
    • Income
    • Expenses
    • Assets
    • Liabilities

Employee benefits

  1. Has a benefits package been discussed with the new employer?
  2. If yes, are there restrictions or a waiting period for all benefits?
  3. Is health insurance offered?
  4. Are short- and long-term disability offered?
  5. Is a Section 125 or flexible spending account offered?
  6. Is dental insurance offered?
  7. Is vision insurance offered?
  8. Is life insurance offered?
  9. Is a retirement plan offered?
  10. Is adoption assistance offered?
  11. Is long-term care insurance offered?
  12. Other insurance?
  13. Has vacation/time off been reviewed?

Financial picture

  1. Has annual compensation been determined?
  2. If married, will spouse work outside the home?
  3. If there are children, will day care be necessary?
  4. Will living expenses be affected?

Money management

  1. Has budget been updated to reflect changes in income and expenses?
    • Housing costs
    • Transportation costs
    • Food, clothing, and other household expenses
    • Health-care expenses
    • Life and disability insurance premiums
    • Child-care costs
  2. Has an emergency fund been established?

Housing situation

  1. Is relocation an issue?
  2. Is there a home that needs to be sold?
  3. Is a home purchase planned?
  4. Have the advantages and disadvantages of buying a home versus renting a home been discussed?
  5. Have other expenses been reviewed?
    • Mortgage origination fees
    • Real estate agent fees
    • Attorney fees
    • Moving expenses
    • Potential increase in real estate taxes
    • Cost of living in new location
  6. Will the new employer pay all relocation expenses?

Insurance planning

  1. Is a current health insurance plan in place?
  2. Has spouse's coverage been evaluated?
  3. Will COBRA be needed during the job transition period?
  4. Is an individual (non-employer-sponsored) life insurance policy in place?
  5. Does life insurance need to be upgraded?
  6. Does automobile insurance need to be purchased/upgraded?
  7. Does homeowners/renters insurance need to be purchased/upgraded?
  8. Does disability income insurance need to be purchased/upgraded?
  9. Does personal liability insurance need to be purchased/upgraded?
  10. Does long-term care insurance need to be purchased/upgraded?
  11. Are beneficiary designations up-to-date?

Investment planning

  1. Has liquidity need changed?
  2. Has risk tolerance been determined?
  3. Have investment goals been considered/prioritized?
  4. Has size/frequency of investments been determined?
  5. Has current asset allocation been reviewed?
    • Stocks
    • Bonds
    • Mutual funds
    • Annuities
    • Real estate
    • Art/collectibles
  6. Will job change affect existing employee stock options?

Retirement planning

  1. Is a retirement plan available?
    • Employer-sponsored retirement plan
    • Beneficiary designation updated
  2. If a 401(k) is offered, will the employer match employee contributions?
  3. Are IRAs being effectively utilized?
  4. Will all available plans be funded?

Tax planning

  1. Will withholding change?
  2. Is the maximum tax advantage of employee benefits realized?
  3. Will child care be needed?
  4. Will there be a home office?
  5. Have home office deductions been discussed?
  6. Is there self-employment income?

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Deciding What to Do with your 401(k) Plan When You Change Jobs

Should you take it or leave it? This article helps explore your options on what to do with your 401(k) Plan when you leave a job.

*Wealth management services through INVEST are made available by Beneficial Advisors, LLC, a wholly-owned non-bank subsidiary of Beneficial Bank. Financial Advisors of Beneficial Advisors, LLC are Registered Representatives of INVEST Financial Corporation (INVEST), member FINRA, SIPC, a registered investment advisor. INVEST is not affiliated with Beneficial Advisors, LLC or Beneficial Bank. INVEST, Beneficial Advisors, LLC and Beneficial Bank do not provide tax or legal advice. Please consult your tax and/or legal advisor for guidance on your particular situation. INVEST and its affiliated insurance agencies offer securities, advisory services, and certain insurance products and are: Not a deposit or other obligation of any bank – Not insured by the FDIC – Not insured by any Federal Governmental Agency – Not guaranteed by Beneficial Bank or any of its affiliates – Subject to Investment Risk, including possible loss of principal.

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