Ready For A New Job? Better Cover Your Assets!
Over the years we've learned that it's not unusual for
Americans to change jobs and even careers several times in the
course of a working lifetime.
It's one of the dramatic changes that's occurred in the 21st
Century job marketplace. And you need to be prepared for it.
One way, of course, is to have a "failsafe career" that
guarantees you're ready in advance for any job or career change
that may come your way . . . whether voluntary or involuntary.
Another aspect of job change you should be aware of is to
protect your financial assets when you make your move. Be sure
you take your TAX-SHELTERED 401(k) ASSETS with you.
* DO NOT make the fatal mistake of cashing out your account when
you switch jobs.
* DO NOT have your organization write you a check that you can
immediately turn into cash.
Consider the income taxes and fees you'll pay on the withdrawal.
For example, buying a car for $20,000 would require you to
remove up to $30,000 from your account. That's $30,000 that
won't be accruing interest toward your retirement.
On report states that 50% of job-changers, ages 20 to 29, cashed
out instead of rolling over their money to a new account.
Workers were more likely to cash out even if the had $500 or
less in their 401(k).
Bad idea . . . you're losing money.
Take the opportunity to roll your money into an account with
your new employer. Don't leave it with your old employer. Also,
consider rolling your 401(k) into an IRA. These accounts have
more investment options than an employer's 401(k) program.
Whatever your decision regarding your 401(k) options, remember
you have other assets to consider. These are your personal job
and career assets you carry with you at all times. They are as
valuable as your financial assets. In fact, they're what make
your financial assets possible.
Check out our website to discover how to make your personal
career assets work for you. Develop them properly and they'll
guarantee your success in the job marketplace!