Are you changing jobs soon? If so, you’ll obviously be interested in your new salary — but you’ll also want to look at other financial considerations.

For starters, if you had a 401(k) through your previous employer, you’ll need to decide what to do with it. You could leave it alone, if allowed, or transfer it to your new employer’s 401(k), or roll it over to an IRA.

Also, find out whether your new employer offers a health savings account (HSA) or a flexible spending account (FSA), either of which can help with you with health care costs.

And it’s important to know if there’s a waiting period before you can get on your new employer’s health insurance. If so, you may need to explore COBRA coverage or get on your spouse’s plan.

Don’t forget term life insurance — does your new employer offer a group plan?

Finally, look at other available benefits. Your new employer may offer tuition reimbursement to help further your career or even provide college planning benefits for your children, such as matching contributions to a 529 education savings plan. 

Changing jobs can be rewarding in many ways — so make sure you know all the benefits involved. 

This is Matthew Kenady, your Edward Jones financial advisor at 309-274-3929.

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