Money in Motion Moment: New Year, New Job

With a new year often comes big changes, and if one of the changes you’re looking to make this year is a new job, the team at Compass Point Retirement Planning has your back!It’s no easy f eat to change jobs. From updating your resume and phone interviews to in-person interviews, second interviews and reference checks, there’s a lot to do. And even when you do land your next gig, you’re not done – now, not only do you have to do your new job, you may also have to figure out a new commute, enroll in new health insurance plans, set up direct deposit and more.

One thing you definitely don’t want to forget about is your employer-sponsored retirement plan from your previous job. Tom Nee, Compass Point co-founder and licensed advisor, says, “I’ve met with a lot of people who have several 401(k)s from their past employers. While rolling a 401(k) into your new employer’s plan is an option, in many cases we find it advantageous to roll them into an Individual Retirement Account (IRA). This consolidates the amount of mail and paperwork to receive and complete, but more importantly, it allows us to help you manage the money in a more cohesive and purposeful way to help you toward your retirement goals.”

So if you’re thinking about or planning to change jobs, definitely do call your Compass Point advisor to talk about the smartest strategies for you.