This is Part 2 of a 3-Part series on making a midlife career or job change. You can review Part 1 here: The Ins and Outs of Making a Midlife Career Change.
If you’re thinking about making a career or job change in midlife, it is critical to get your financial house in order first.
Making a career change can be both exciting and stressful. Preparing yourself financially ahead of time can make your transition more seamless and less stressful! It can also put you in a much better financial situation as you make the change.
In this podcast episode, I share 7 must-know money tips for making a midlife career or job change. Listen to the podcast where I go into depth on each of the tips below and share an additional bonus tip at the end!
Money Tips for a Midlife Career Change:
1)Build a cash reserve
2)Watch your spending
3)Thoroughly evaluate your health insurance options
4)Be smart with your retirement plan savings
5)Consider rolling your 401k into an individual IRA Rollover
6)Review tax and vesting consequences of restricted stock, stock options, and/or deferred compensation
7)Time your career or job move appropriately
You’ve likely worked very hard to accumulate retirement assets and savings up to this point, and a detailed financial plan can help ensure that you stay on track toward your financial goals.
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