If a portion of your current compensation is tied to an annual bonus, equity compensation or deferred compensation plan, such as a retirement plan or stock option plan, you may have to forfeit those assets if they are not fully vested and, in the case of stock options, also unexercised, if you move on. 

Knowing that you’re leaving assets on the table may give you leverage to negotiate with your future employer, says Taylor. On the other hand, if you’re exercising your vested stock options or taking a lump sum distribution from a retirement plan when you leave your old job, you’ll want to discuss with your financial advisor and tax professional how to manage them in the most tax-efficient way.

“You need to find out not just what’s available but what you actually qualify for — and when,” says Sylvie Feist, director and product management executive, Workplace Benefits, Bank of America. “An increase in pay is important, but if you lose access to benefits like a company-funded pension or end up with a smaller matching amount for your retirement savings account, you could be giving up a substantial amount.”

Conversely, over the years, a more generous retirement plan can offset the impact of a slightly lower salary. Ask your financial advisor how a prospective company’s retirement or profit-sharing plan, as well as its other benefits, could affect your finances, both now and in the future.

If there’s a waiting period before health insurance kicks in for the job you’re contemplating, you may need to sign up for COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage with your current employer or other short-term insurance to bridge the gap. Consider the various healthcare coverage options the potential new job offers, including the benefits of enrolling in a high-deductible health plan in conjunction with a health savings account (HSA).

You might also weigh benefits that may be funded through payroll deductions, such as education savings accounts, dependent care flexible spending accounts (FSAs) or HSAs. And look at the life and disability income insurance offerings of the employer you’re considering — if they’re not as generous as those of your current company, you might need additional coverage. Some companies now offer student loan repayment assistance plans — something your current employer may not offer.

If a job involves relocating, look closely at housing costs, says Taylor — they can vary widely by region. City, state and local tax rates can also have a significant impact on your net income. See if your new employer might be willing to pick up the relocation costs, and ask your financial advisor to help you calculate what your net income and cash flow might look like in a different area. If the employer is not willing to cover moving costs, consider how they — or the cost of a long-distance commute until you get settled closer to your new workplace — might affect your bottom line. “Keep in mind that it may take a while to sell your old home, and a job change can make it more difficult to immediately qualify for a mortgage, so you may need to manage rent for a period in your new location while still paying household costs at your previous location,” Taylor says.