Four Financial Moves to Make When You Start a New Job 

Congratulations on your new role. Stepping into a new position marks an exciting and important chapter in your life. As you navigate this transition, our team is here to protect your future through comprehensive financial and estate planning. Ensuring that you have the following items in place can set you up for success.

1. A comprehensive budget. Whether this is your first professional role or the next step in your career, the transition offers an ideal moment to review your income, expenses, and savings. A new salary provides an opportunity to plan for both current obligations and future goals, such as retirement. Because a change in income can significantly impact your lifestyle, it is wise to make deliberate financial decisions rather than letting them happen by default. A financial professional can help you optimize your resources, whether that involves maximizing extra funds or better managing your current cash flow.
2. Proper insurance coverage. A career move often brings new expenses. You may be relocating, purchasing a home, or acquiring a new vehicle for a longer commute. Such significant investments must be properly insured. This is also an opportune time to consider how you protect your loved ones. If you have dependents who rely on your financial support, consider purchasing life insurance or adjusting your existing coverage. Disability insurance is equally important because it can help sustain you and your family if you ever become unable to work. A licensed insurance agent can assess your current needs and help you build a strategy that covers all the essential bases.
3. An income tax strategy. Frequently, changing jobs alters your tax situation. If this is your first professional role, you may be navigating withholdings for federal and state income taxes, as well as Medicare and Social Security, for the first time. A tax advisor can guide you through the filing process and alleviate much of the stress associated with tax season. If you are transitioning mid-career, your new salary could place you in a different tax bracket. A tax professional can help you determine if you qualify for new credits or deductions and whether itemizing makes more financial sense than taking the standard deduction.
4. Basic estate planning documents. A change in employment directly affects your income, spending habits, and employee benefit options, including life insurance, disability coverage, and retirement accounts. Protecting yourself and your loved ones during your lifetime, through any periods of incapacity, and after your passing requires a carefully crafted estate plan. If you have not yet established one, this is the perfect time to start. You do not need to possess significant wealth to benefit from having these vital protections in place. If you already have a plan, a job change serves as an excellent prompt to review your documents and verify that they still reflect your current circumstances.

We are here to help you make the most of your new venture. We are dedicated to working together with your financial, tax, or insurance professionals to provide a comprehensive financial and estate plan that protects your legacy.