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New Job? 4 Quick Tips to Help Secure Your Future

  • Writer: Mark Nicholas
    Mark Nicholas
  • Sep 10, 2024
  • 2 min read

Updated: Feb 4

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Congrats on landing a new job! This is an exciting time and a great opportunity to think about your 401(k) and retirement savings but all the options can also cause some stress. With so many options, it can be overwhelming. Here are four simple tips to help you manage your finances when starting a new job:


1. Don't automatically roll over your old 401(k).

It may seem easiest to just roll your old 401(k) into your new one, but hold on! Take some time to check out your new plan's investment options and fees first. Your old 401(k) might offer better choices or lower costs. You might also want to look into rolling it into an IRA, which can give you more investment options. A flat fee adviser (like Transform Retirement) could save you a lot over time compared to the asset based fees that are common in 401(k) plans and big Wall Street firms.


2. If you’ve got a bigger paycheck, be smart with the extra cash.

It’s exciting to have a bigger paycheck, but before you start spending more, think about where that money could help you the most. Maybe it’s paying off debt, saving for an emergency, or putting more aside for the vacation you've been longing for. You don’t need to put it all in your 401(k) just because it’s there. Find a balance that works best for your overall financial picture.


3. Watch out for automatic settings in your new 401(k).

Many 401(k) plans have default settings like contribution rates or investment choices, but those might not be the best fit for you. Your finances are personal, so take time to look at the details and make sure your plan is set up to meet your goals. Don’t simply roll with the defaults, make your benefits fit into your financial plan, not vise versa.


4. Take time to celebrate and do something nice for yourself.

You’ve worked hard to land this new job, so take a moment to treat yourself! Whether it’s a special dinner or a small reward, it’s important to acknowledge this milestone. Plus, a little self-care can help you stay motivated as you plan for the future.


Starting a new job is the perfect opportunity to make smart moves with your financial plan. With a little extra care now, you can set yourself up for success down the road.




 
 
 

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