Don’t Leave Money Behind When Changing Jobs

employee benefitsDon’t Leave Money Behind When Changing Jobs

Legal Help with Job Transitions

Careers these days are no longer static, the stories of an individual spending 25 to 30 years with one company are a thing of the past.  If you are considering a career change understanding your total compensation package and features will help you ensure you don’t leave money behind.  When you change jobs, it effects the entire family. These three considerations are worth reviewing:

  1. Benefits
  2. Beneficiaries
  3. Legal Documents

Benefits

Health & Dental Benefits

Your health and dental benefits at your current or previous job expire either on your last day of employment or on the last day of the last month of your employment.

Many employers hiring new employees will have a special exemption period when you can sign up for health insurance and benefits, usually after 30 to 90 days of hire.  If you miss this, you usually must wait until the annual enrollment period or for a life event like getting married or having a baby to make any changes.  Be aware that when you change jobs, you’ll likely have at least a few weeks gaps in insurance coverage.

Retirement Benefits & 401K

If you have a 401K account, you often have three options:

  1. Keep your 401K at your previous job where it’ll stay until you either retire (monthly payouts begin as early as age 59 ½)
  2. Take the 401K and have it paid out in full to you. Beware there are tax penalties and repercussions usually associated with this.
  3. Roll your 401K over to an IRA account, which takes your money with you at no cost and places it into the new IRA account.

McLario Helm Bertling & Spiegel S.C. can help ensure you avoid unnecessary taxes.

Most importantly you will want to take advantage of benefits you have before you lose them.  For example, a lot of companies aid with creating legal documents such as a will for a substantial discount.

Beneficiaries

Utilize this checklist to review your beneficiaries and what might need to be updated.

Legal Documents

A lot of times job changes are also associated with a relocation or relationship change and it’s a good time to review your will, perhaps a lease, and other legal documents to ensure they are up to date, and you fully understand the terms. For example, your bylaws may prohibit you from subletting your condo or apartment.

Getting Legal Help

Ensuring that you’ve crossed all your T’s and dotted your I’s when leaving an employer to start a new job can add to an already stressful situation.   McLario Helm Bertling & Spiegel S.C. can help.  Contact the firm today to learn more about what options are available to you during a job transition.

Schedule Free Consultation

When you contact our Milwaukee area law firm, your case will be treated like a unique request for assistance. You are a real person with real needs and will be treated like one by our firm. Nobody has time to be passed around an office from paralegal to secretary and back.
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