How to manage your wealth when you change jobs
A new job, either within your current company or at a new organization, offers an opportune time to review your overall financial strategy.
Reset your goals while anticipating the tax implications
Buy a larger home or a vacation getaway home, help support aging parents, or become more active with charitable causes. The experienced Wealth Services professionals at Synovus can work closely with you to align your new income level and goals with your personal financial plan.
Start with a review of your financial foundation
Before a financial plan is developed, before we talk products or services, we take the time to understand the basics.
- Is your Emergency Fund adequate to cover 3 to 6 months of living expenses?
- Are you enrolled in Credit and Identity Protection services?
- Do your bank deposits qualify you for preferred rates and benefits?
With your new income, it’s wise to create a new budget. A good rule of thumb is the 50-30-20 rule. This means you allocate 50% of your budget to “needs,” 30% to “wants,” and 20% to your financial goals.
With your new income, it is wise to create a new budget. A good rule of thumb is the 50-30-20 rule.
Maximize the potential of your current retirement plan assets
If you leave retirement assets in your previous employer’s 401(k) plan, you could end up with fewer investment options at a higher cost or be required to allocate an excessive amount in that company’s stock. By moving money out of your old plan with a direct transfer to your new employer’s plan or a rollover IRA, you can protect the tax-deferred status of your contributions. Increasing contributions to company and personal retirement plans is another way to reduce current income taxes and build wealth. Keep in mind that, depending on tax laws where you live, it could be more tax-efficient to invest in taxable accounts for capital appreciation.
Develop a sound strategy for all types of compensation
You may be leaving your previous job or assuming your new one with stock options or a concentrated stock position that presents unexpected investment and taxation risks. Similarly, the sale of stock back to an employee stock ownership plan (ESOP) may create tax liabilities that you can reduce with expert guidance from your Synovus advisor.
Financial advice and services tailored for you
Synovus wealth professionals have broad experience in private banking, investment strategy and planning, asset management and estate planning.
Our team delivers knowledgeable insights to help you achieve your financial goals.
Synovus can help
To learn more, talk with a Synovus financial professional by calling 888-SYNOVUS (796-6887) or visiting your local branch. Additional information is available at synovus.com/wealth.
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Important disclosure information
This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.