If you are considering a new job or switching career paths, here are a few steps that may help to make the transition smoother.
Before you leave your current job
- Most employers prefer that you give a two weeks notice before quitting your current job. Once you have received and accepted an offer for a new job, be sure to notify your current employer next.
Know the benefits available at your new company
- Most employers don't offer health insurance coverage starting on day one, so be prepared for whatever gap in insurance coverage is needed.
401(k) roll over options
- Keep your money with your current employer (usually as long as you have at least $5,000). The benefit for this option would be that you already know the plan.
- Completely rollover your money to your new company. Your human resource department can help you with the rollover and if your new company doesn't offer a retirement plan, many companies let you set up an IRA online.
- Your current employer can send you a check, usually if your balance is below $5,000. You will have 60 days to deposit the full amount into another retirement plan otherwise you will be subject to taxes and penalty.
Sign-up for direct deposit
- Many companies offer direct deposit. If you would like your checks to be automatically deposited into your account(s), sign up for direct deposit. You will need to give your new employer your bank's routing number and your personal account number.
Track your monthly expenses
- Be sure to track your monthly expenses and income before switching jobs to ensure a healthy budget with your new income. Check out Financeworks™ to learn about tracking your expenses.
Check all current accruals
- Meet with your Human Resource Director(s) and discuss any accruals that you are entitled to upon leaving your current employment (back pay, vacation pay, sick pay, future distributions).
Track your monthly expenses to make sure you new job income will meet your expenses.
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There are important considerations to keep in mind as you plan for the exciting possibility of home ownership.
- Save and determine what you can personally afford for a down payment and closing costs.
- Know your credit score and make sure that your credit history is healthy.
- Visit annualcreditreport.com for a free copy of your credit report.
Contact a Reliance State Bank Mortgage Lender
- Contact one of our experienced Mortgage Lenders to get started.
- Fill out an application form to see how much you are prequalified for so you will be ready to make an offer.
Find a Realtor
- Find a knowledgeable realtor in your area.
- Start house hunting
- Compare prices and locations in your area
- Be realistic in determining the size and cost of the homes you look at
Consider the additional expenses of owning a home
- Real Estate Taxes
- Homeowners Fees
Congratulations on your engagement and upcoming wedding! Getting married is an exciting time as you plan your lives together. Here is some information you may want to consider.
- Update your bank accounts
- Contact a Personal Banker at 515-733-4396 in Story City or 641-923-2801 in Garner to schedule an appointment.
- Decide if you will combine finances
- Merge accounts or open a new joint checking account to pay bills - Online Bill Pay is free.
- Work together to create a realistic budget - Financeworks™ is a free online banking tool to track your spending
- Discuss your individual credit scores - request your free annual credit reports at www.annualcreditreport.com, a government-sanctioned website
- Reduce and eliminate excessive debt to help build stronger credit
- Put money aside for an emergency fund - personal savings or money market account
- Start planning and saving for your future - money market account, Certificate of Deposit, IRAs
- Add the convenience of online and mobile banking
Update Personal Information
- Update your personal information that has changed such as name and address
- Driver's License
- Social Security Card
- Credit card companies
- Utility companies
- Student loans
Review beneficiary information
- IRAs and HSAs
- Life insurance
- Personal investments
- Employer retirement plans or stock investment accounts
- Review your health care plan and update with spouse information
- Consider buying life insurance
- Review beneficiaries
- Update marital status with car insurance
- Update W-2 tax exemptions
Create a will
- Establish or update your will
- Review your beneficiaries
Having a Child
Congratulations! Your family is growing. Everyone remembers to plan for changes to your home, but we're not always prepared for changes to our finances. Here is a checklist with a few helpful suggestions you might want to consider.
Review your finances
- Review and revise your budget to account for additional child-related costs including medical and dental expenses
- Set aside an emergency fund for those unexpected expenses
- Consider the additional day-to-day expenses such as clothes, diapers, formula, daycare
- Save for future expenses, school supplies, electronics, activities, transportation
Discuss benefits with your employer
- Talk with your human resource department about any benefits that you may be able to sign up for
- Adoption reimbursement
- Flexible spending
- Child care subsidies
- Maternity leave
Update your information
- Take advantage of the government credit for becoming a parent
- Update your W-2 tax exemptions
- Create or update your will
- Inquire about life insurance benefits, costs, beneficiaries
Save for your child's education
- Set up a college fund
- Open a savings or money market account
- Purchase CDs
- Consider the benefits of a Coverdell Savings Account
- 529 College Savings Plan
Planning for Retirement
When you are ready to retire, will you have saved enough to live comfortably? Everyone dreams of a stress-free, financially secure future. An important key to achieving this goal is to start a savings plan early and commit to it. Here are some tips to consider.
- Start saving early
- Consider payroll deductions
- Make steady contributions to your retirement plans
- Speak to a financial advisor
- Balance you investment options between risk/reward