A Schwab Financial Consultant can help you:
- Determine a strategy to handle ongoing expenses.
- Reassess your long-term financial goals.
- Understand all of your options for your old 401(k) plan.
- Discuss how you might maximize your new employer's 401(k) plan.
- Estimate your income tax liabilities to determine whether changes are needed to your investment strategies to minimize taxes.
Call us at 877-302-5886 or visit your local branch.
What to do on your own:
Before leaving your old job:
- List all monthly income and expenses to see where your budget stands.
- Evaluate your health insurance coverage: know when your insurance will expire, and sign up for interim coverage if needed.
- Ensure that unused vacation/sick pay and any other compensation that may be due is paid out to you.
- Understand how long you have to exercise any vested stock options.
- Save all documents related to your separation from your former employer; make sure your former employer has your new address (if applicable).
Once you start a new job:
- Review your new employer's benefits package and take advantage of all that's being offered to you. Small benefits can add up to big savings.
- If a 401(k) plan is offered, sign up as soon as you’re eligible: contribute at least enough to get the maximum employer match amount offered.
- Request direct deposit for your paycheck.
Schwab does not provide specific investment advice with respect to ERISA-covered retirement plans.