Books get updated and reprinted on a regular basis. This post is from several years back, but worthy of a re-post!
Maybe you are about to Retire… CONGRATULATIONS ! ……Or maybe you are about to change jobs… exciting new times, just around the corner…
Here are a few handy reminders before/as you leave!
Job/Retirement Change Checklist
Grab that Last paycheck– Once you are gone, the internal system may be harder to access, be sure to get your last paycheck downloaded for your tax and personal recordkeeping.
RSU -Options- Grants -Make sure you are not leaving anything on the table via a vesting sunset or time line that can be associated with your departure.
Employee Stock Purchase Plan-Confirm you have control of your stock and transfer it to an easily controlled account-most ESPP plans are only holding tanks and cumbersome to make transactions.
Deferred Comp– Check on when your plan will be paying you your funds- i.e. tax year, time frame, and if all at once or over several series of payments- confirm the payments method and where they will be sent if mailed.
Pension – Get a copy of your latest balance or estimated amount, time frame of payment, if the projection is inclusive of your departure, if your spouse is included as beneficiary and his/her date of birth is correct and MOST IMPORTANTLY your correct address.
Health Coverage– You do not want to go a day without coverage, make sure you have some type of overlap such as Cobra, New company coverage, Medicare or outside personal coverage.
401k– In most instances you want to take control of your old 401k by rolling into a self directed IRA. Make sure your final paycheck withholding has hit your 401k before you roll it over or there will be residual amount later.
New 401k-In most cases you want to allocate your new 401k aggressively- be careful NOT to overfund your old and new plan in the same year- most maximums are $18k (+$6k catch up) – If your two employers do not know about each other they may accidentally allow you to overfund the total afore mentioned amount
Severance– Be sure to get your arms around the type, amount, timing and pay and benefits.
Social Security Withholding – Withholdings may likely be over withheld since your two employers did not know about each other – keep good tax records- if they did, you get a refund.
While mentioned several times, once more due to just how important, be sure to keep your address up to date with your former employer !
Have a great ‘More Organized” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
32.862850
-96.808138
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July 2018 Podcast Video, Financial Planning and Capital Market Update – By John Kvale
Hello and Welcome to our July 2018 Financial Planning and Capital Market Update!
If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast format.
July 2018 Video
Financial Planning Tip (s) –
Social Security – Taking Early
The general rules of Social Security are to wait until as long as you can. In our post here, and the chart below, may give pause to that thinking.
Many situations are different, deeming great thought and analysis needed before commencing OR delaying your Social Security Benefits.
Favorite Pension Benefit Option
Joint Survivor – As mentioned above in our Social Security review, situations vary. While our favorite options for Pensions is the 100% joint survivor –
As mentioned in greater detail, in our post here, consider all options before making your final decision as this one is irrevocable !
Capital Market Comments
Turns Out, Over the Long Term Earnings do Drive Markets
With earnings booming and Capital Markets treading water, this chart caught our eye and in this post we discussed in greater detail current earnings AND the fact that over the longer term (see chart below) markets do EVENTUALLY react to earnings.
Have a Great Day – Talk to you at the end of August!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com
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Posted in General Financial Planning, Investing/Financial Planning, Market Comments, Monthly Review, Podcast, Retirement Planning, Social Security, Video
Tagged Found Money, Public Stocks, Summer Project, Tax Rates, Tax Table, Tripit