Financial Transitions with a New Job
I’m starting a new position in less than two weeks. I’m excited about the position and it’s more money, better benefits and a really cool company I have wanted to work with for a while. So all of that is well and good, but as I’ve turned in my two week notice at my current job (officially making me “the walking dead” around there), I realized there are a lot of things I should take care of before I begin this new job.
1) Figure Out Retirement Contributions
It seems like it will be a month or two before I can participate in the company 401(k). Whoa, whoa, whoa! What am I supposed to do with this money? I do not want to be trusted with my full paycheck. I am trying to figure out whether I can open a traditional IRA for those few months so that I can set aside pre-tax dollars that will then ensure I am still saving 15% annually for retirement. If not, I may just have to make a larger contribution to my 401(k) once I am eligible to make up for the lost time. Any advice or tricks anyone has in this department would be greatly appreciated. I will also have to rollover my existing retirement plan into my also-already-existing Rollover IRA. Goodbye Edward Jones. You won’t be missed. The balance of my Rollover IRA after this latest…rollover will be pretty decent. I need to sit down and decide how to allocate these funds.
2) Hit the Dentist
My dental coverage also won’t start for a few months. I wonder if my dentist can squeeze me in for a cleaning on Black Friday? I seriously hope I can use the last of my dental coverage before I say goodbye.
3) Use my PTO wisely
One of the funnest things about the American workplace culture is the way we formally sever our ties. One of my favorite things about this whole song and dance is getting your final paycheck the day you leave. There’s no waiting for the biweekly pay period, it’s like “Take your money and go! Just go!” With a good amount of PTO saved up, I think this check will be a double paycheck. I want to be very conservative with my spending for the next two weeks so that almost all of this can go to my credit card.
4) Transfer my iPhone data
My work phone has been my main phone for a while and I forward all my personal calls to it. I’ll have to turn on my old phone and use it until I get a new work phone and make sure I get all of my photos and contacts before I turn this one in. It’s a small hassle for how much money it has saved me not having a data plan on my own bill.
That’s all I can think of for now. I’ve never left one job for another (I used to just quit and go travel around for a while) so this is a new experience for me. I’m going from working to working, and it’s an entirely new experience that I haven’t even given much thought to yet. I’m pumped!
Do you have any tips for what you should be taking care of when you are leaving one job and starting another?