For most of us our job is more than just an income. It is fairly common for us to derive a great deal of satisfaction from our work and our career choices can define who we are and how others perceive us.
For that very reason, changing jobs can have a big emotional impact- not to mention the financial implications of a potential change in income. The impact can be even more keenly felt when the change is sudden and unexpected.
Changing jobs is an increasingly common occurence. Most people will face this challenge more than once during their working life. Today’s school leavers will most likely work until age 75 and have at least a dozen employers in that time.
You may have decided to switch for reasons of career advancement, better pay or greater opportunities. Or you may be attracted to the idea of working part time or running your own businesses. Of course, while we like to think that we are in control of our careers, at times the decision is out of our hands and we suddenly find ourselves scanning the job ads.
In those situations you may be concerned about the impact of a prolonged period out of work on your financial situation, or the impact on your savings if you go part time or take time to build a successful business.
The complexity of change.
Chances are, you’re focused on the professional and personal challenges ahead. But it’s important to make sure that you take the financial implications of any change into account too. Financial issues around redundancy and superannuation can be complex and the decisions . you do or don’t make might affect your plans and the benefits you receive in the future.
If you have a family to consider, it’s important to review how you budget for major expenses like education, salary packaging opportunities, and various types of insurance cover. If you are nearing the end of your working life, your focus may be on estate planning, the adequacy of your retirement savings, and how you’ll transition to retirement. If you anticipate that it may take some time to find the right position you may need a bit of creative budgeting to help.
Getting expert help.
Getting practical support can help take a bit of the stress out of the situation. We can work through the particular issues you are facing and create a plan that works for you and your family.
To ensure you achieve the best outcomes, we can also work with other professionals including accountants, lawyers, and career specialists when their services are required.
Whether the change is planned and represents a stepping stone in your career, or whether it is more of an unforseen sidestep, we’ll be beside you every step of the way to help you manage this time of change and stay on track to achieve your goals.
Planet Wealth Pty Ltd (ACN 137 467 362) as Trustee of the Planet Insurance and Financial Planning Unit Trust ABN 15 757 194 605 is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 Australian Financial Services Licence 232706 and Australian Credit Licence 232706.