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Switching jobs? Here’s how to keep your finances on track.

There’s much more than salary to consider when weighing a new job offer — and many financial decisions to make after you accept. These insights can help.

 

THE FIRST QUESTION MOST PEOPLE ASK when they get a job offer is: How much will it pay? While salary is clearly important, there are other factors you might not immediately consider — including location, benefits and the potential financial consequences of leaving your present employer. Each could have a significant impact on your long-term financial security.

 

As Las Vegas-based Merrill Financial Advisor James Taylor puts it, “Your upfront salary is just the starting point when considering a job offer. And if you accept the position,” he adds, “you’ll need to make other important financial decisions to help ensure that you’re staying on track to meet your financial goals.”

 

Whether you’re just weighing an offer or have already decided to take it, your financial advisor can help guide you through key considerations in the decision-making process. In fact, as with all big life changes, switching jobs can be a convenient time to review and update all of your financial plans. Use the questions below to shape your conversations with your advisor.

Ask these questions BEFORE you accept a job offer

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Will I be giving up an annual bonus, equity compensation or deferred compensation at my old job?

How do the benefits at both jobs compare?

Are there unanticipated costs that could affect my net income?

Ask these questions AFTER you start your new job.

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When will my benefits kick in?

What are my immediate cash flow needs?

What should I do with my existing retirement plan account?

Could the job change affect my investment strategy?

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Investing involves risk including possible loss of principal. Past performance is no guarantee of future results.

 

This information should not be construed as investment advice and is subject to change. It is provided for informational purposes only and is not intended to be either a specific offer by Bank of America, Merrill or any affiliate to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available.

 

Investments have varying degrees of risk. Some of the risks involved with equity securities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad.

 

Retirement & Personal Wealth Solutions is the institutional retirement business of Bank of America Corporation (“BofA Corp.”) operating under the name “Bank of America.” Investment advisory and brokerage services are provided by wholly owned non-bank affiliates of BofA Corp., including Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill"), a dually registered broker-dealer and investment adviser and Member SIPC. Banking activities may be performed by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A., Member FDIC.

 

Bank of America, Merrill, their affiliates, and advisors do not provide legal, tax, or accounting advice. Clients should consult their legal and/or tax advisors before making any financial decisions.

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