Jobs are plentiful and Americans are quitting old jobs for new ones at a record pace. But is now the time for you to make the switch?
USA Today recently looked at six questions to ask yourself if you’re thinking about making a job change.
For starters, can you handle the disruption in pay?
There will likely be a lag time in between your last check from your former employer and the first one from your new place of work.
You’ll want to check any savings you have to see if you can cover your expenses during that gap in income.
Also, are you aware of any tax implications changing jobs could have on you?
If you’re about to get an increase in pay, evaluate your withholding choices.
And making a job change can often bring about changes in not only income but spending as well.
That means you’ll want to re-evaluate your budget.
And make sure you know just how much your benefits program at your new employer will cost you per paycheck. That could also affect your take home pay.
Finally, think about what to do with your 401K from your old employer. You’ll have choices, from rolling it into an IRA to leaving it at your former employer.