Changing Jobs

Changing jobs is a very big decision that requires careful consideration. It is important to compare the benefits offered by prospective employers with your current benefit package before you change jobs. Sometimes it's better to accept a job with lower pay if your benefits package is better than another employment offer. Your compensation package may include benefits such as group health coverage, life insurance, a retirement savings plan, vacation and sick time.

When you make a decision to change jobs, it is recommended that you consider your overall financial situation. MidFirst Credit Union can help you through this process.

Direct Deposit

When you sign up for Direct Deposit, you may arrange for a certain amount to go directly into a savings account. A new job means a new chance for you to pay yourself first. Determine the amount you want to save and have that money taken out of your paycheck before you get your hands on it.

Know the Difference Between Net Pay and Gross Pay

Track your expenses for a few months before spending any pay increase that you haven't put in savings. You'll be surprised by how a new job can affect your spending. For example, you might have to pay for parking, or the corporate culture might include more frequent lunches out with co-workers (this can really add up). When negotiating a raise, keep in mind that the dollar figure is your gross pay, not your net pay. It sounds obvious but it isn't. People forget that taxes, health coverage, retirement contributions, and other benefits will be taken out of their checks. Then they are shocked when the take-home pay isn't as much as they had expected.

Make the Right Move With Your Retirement Plan

Do you have a handful of retirement plans with no overall investment plan? When changing jobs, you are faced with the important decision of what to do with your existing retirement account. What you choose will have long-lasting effects on your future plans.

Before you make your move, contact a MidFirst Financial Services, LLC Investment Representative. The Investment Representative will help you with the following:

• Understanding all of your investment choices
• Learning when you should consolidate your accounts
• Discovering the many ways you can tap into your retirement plan early and not pay an IRS penalty
• Learning how to transfer money from employer-sponsored plans, such as a 401k or 403b.

*MidFirst Financial Services, LLC provides access to investments through INVEST Financial Corporation (INVEST), member FINRA, SIPC. INVEST is not affiliated with MidFirst Financial Services, LLC or MidFirst Credit Union. Securities advisory services and certain insurance products offered through INVEST and affiliated insurance agencies are: *not FDIC/NCUA insured *not guaranteed by a Bank or Credit Union *may lose value.

MidFirst encourages you to call or visit any branch to review your finances whenever you make a significant life change. These events are key decision points, and it is important to understand how life changes will affect you financially. MidFirst is here to help you!