KJ: So with the economy turning around – albeit quite sluggishly these past four years – chances are you’ve recently moved to a new job or are considering a new opportunity. Here are some steps on what to look for as a new employee – in a somewhat question-type format:
How does the new company compare to the old in terms of your benefits?
Do you have a 401(k) and does the employer provide a match?
Do you have access to a pension plan?
Have you done anything with your retirement plan at your old employer? What are the methods for rolling it into an IRA you can manage yourself or to your new employer’s 401(k)?
Do you pay for your health insurance or is it subsidized (in part or in whole) by the company? Are you able to now take advantage of an HSA through your new employer? Don’t forget to take any steps in transferring to a new HSA as needed.
Do you have access to disability – long-term or short-term – insurance?
Do you have access to group life insurance?
Are your old policies portable – meaning can you take them with you to your new employer or keep them as a separate policy?
Does the new policy have a change in who can be covered by your insurance, and if so, what are the costs? Maybe the new company allows you to cover a non-spouse partner, or maybe the new company doesn’t cover family at all. It might be a good time to look at your benefits in combination with your spouse or significant other to see how best to combine (or not) the different policies.
Take some time to evaluate how your new salary (higher or lower) may impact your taxes for the year. You might need to make some adjustments to your withholding on your W-4 or you might have to change the amount of your quarterly tax payments particularly if you are a contract employee or become self-employed. The fewer the exemptions you claim, the more taxes are withheld each paycheck, so watch closely. You certainly don’t want to be giving Uncle Sam an interest free loan throughout the year only to get a large sum come tax filing deadline…you could have been earning interest on that money yourself!
Does your new company offer commuter benefits? Maybe your new company will pay YOU to bike to work or carpool with friends.
Do you have access to personal legal services (wills and other basic items) with your new company?
Are there any workout facilities?
Do you get any daycare benefits?
Are your hours more flexible?
Do you get more time off?
Don’t forget to update your information!
If you’re registered in the state for securities, insurance, medicine, etc. be sure that you, your new, and old employer complete whatever paperwork is necessary to comply with local (or national) regulations when you switch employers.
Check to see that your addresses, e-mail contacts, and social media information are all up-to-date.
Does your children’s school, emergency medical contact information, bank accounts, or other records need to be updated with your new contact information?
- Do you have anything to add to this list?
What were your biggest ‘aha’ moments in starting your new job?
Tell us about what you learned during the process.
Some of the links in the post above may be affiliate links. This means if you click on the link and purchase the item, we will receive an affiliate commission. We feel strongly about only recommending products or services we use personally and/or believe will add value to you, our readers. Read more about our commitment to providing quality product recommendations.