Employment Change: People change jobs several times throughout their careers. The main financial concern faced when changing employers should be how to most effectively roll over the previous employer’s retirement plan to a new plan. Your Financial Advisor can help you avoid the many financial pitfalls involved with rollovers. A comprehensive financial plan and portfolio review should also be considered as part of any employment change. Here are some planning activities to consider:
Financial Planning Insurance Planning
Disability: A long-term disability changes almost everything in one's life. Earning power is most likely diminished and extra expenses for medical assistance will likely be incurred. In addition, long-term care in a special facility might be required. Planning for unexpected medical problems should be part of an overall financial plan. Recommendations for long-term disability and long-term care insurance are available from your Financial Advisor.
Transfer of Ownership of Your Business: Today, many businesses are sold rather than passed down to another family member. However, when a family member does inherit a business, the tax consequences can be so severe that the heir is required to sell the business to pay the taxes. To avoid such circumstances, be sure to seek proper advice on financial, estate, tax, and insurance planning from your Financial Advisor.
If you are going through any of these or any other career change now is a good time to speak to a Janney Financial Advisor. Contact a Janney Financial Advisor to get started.
How you react to a career change is important. Creating or updating your financial plan can help you take control of your financial future.
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