A midlife career change can be both exciting and stressful. Whether it was a proactive decision or caused by an unexpected event, there is a lot to think about when changing jobs mid-career. If a new job involves relocating, there are even more important decisions to make. To stay on track with long-term goals, a career change or new job is a great time to re-evaluate financial plans and investment strategies.
Preparing for Career Transitions
Planning ahead is the key to preparing for any major life event, including career changes. Investment portfolios should be designed to support your lifestyle for the near and long terms, with retirement plans reflecting both upside potential and downside risk of new incentive compensation options. Access to proactive and fiduciary guidance can help you evaluate tempting new job offers by understanding their financial impacts with more clarity and objectivity.
Part of the transition is deciding what to do with current retirement savings. Should you roll over your 401(k) into your new employer’s retirement plan or move it into an individual IRA? Is it time for portfolio rebalancing so that your portfolio is not too dependent on a single asset (like your employer’s stock) or sector? Are there tax impacts to be aware of?
Trusted Independent Financial Advisor – Like a Personal CFO
If you are considering a mid-life career change, having a trusted independent financial advisor can help you manage the unexpected and provide insights, clarity and confidence about both your long-term, big-picture goals and specific near-term considerations relative to retirement planning, estate planning, tax planning and preparation, and even insurance considerations.
When it comes to a mid-life career change, Truepoint’s teams of specialists help you by providing:
- Integrated financial planning – bringing together professional expertise in tax planning and preparation, estate planning and insurance and risk management
- Retirement planning strategies – including 401(k) rollover options and determination of retirement income needs
- Simplified management of personal finances
- Effective management of assets and intelligent investment portfolio construction
- Asset allocation modeling and scenario analysis
Honest and Personal Approach
Our team’s approach starts with your goals and how a career change impacts your financial future. Our unbiased advice and authentically personal style reflect our fiduciary duty, which means your success and objectives come first.
Contact a Truepoint Wealth advisor today if you’re ready to discover a different kind of wealth management experience.