Shakespeare Wealth Management

Planning for Life

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Career Change

Planning For A Midlife Career Change

You’ve had a successful career and are doing well financially, but you’ve reached a point in your life where you want to try something new, or just need a change of pace. You have thought about pursuing work that is more meaningful, less stressful, and provides more flexibility than what your current career does. As you consider this life transition, we will help you answer the following questions:

  • Can I afford to quit my career job and pursue a different line of work?
  • What is the financial impact if I work an additional year or two before making the change?
  • What are my options regarding health insurance?
  • What benefits will I give up when I leave my job?
  • How will my career change financially affect my loved ones?
  • How am I affected financially if this change doesn't work out?
  • Do I need to adjust my lifestyle to account for reduced income?
  • Do I need to develop new skills or experience before I pursue this change?

We will help you to understand all of the issues that go with this major life transition, ensuring you’re fully prepared before you quit your “day job”, both in the short term and in the long term. We look at this life transition holistically - financially, emotionally and in terms of career satisfaction. It doesn’t exist in a vacuum. A career shift impacts every part of your life and it’s important to understand it within this larger context.

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Services

  • Retirement Planning
  • Tax Planning
  • Investment Management
  • Women and Wealth
  • Selling a Business
  • Death Of A Loved One
  • Legacy Planning
  • Career Change
  • College Planning
  • Insurance Preserve & Protect
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Career Change FAQ

I’ve changed careers, what should I do with my old 401k(s)? Expand

A: Consolidating retirement accounts makes it easier to administer, maintaining a uniform beneficiary designation, asset allocation, and investment holdings. Rolling the old 401ks into your an IRA offers unlimited investment holdings with lower administrative expenses than 401k plans. Rolling the assets to a new 401k may be a consideration, especially if you wish to convert non-deductible IRA contributions into a Roth IRA.

I’ve changed careers, what happens to my old pension plan? Expand

A: The pension benefits from your old company may have a feature that allows you to do a lump sum distribution to an IRA, or continue the pension with the intention of annuitizing when you reach retirement age. A net present value calculation should be done on the pension and compared with the lump sum option as part of the process of determining which option to choose.

I’m looking to quit my job and don’t have a new job set-up yet. Are there any issues to consider? Expand

A: When you quit your job, you lose your group benefits of life and disability insurance. Review your individual insurance situation prior to quitting to make sure your family is protected in the event you get sick or pass away while between jobs. Review your cash flow situation to make sure you can withstand a long period without a paycheck. Any unpaid 401k loans become a tax distribution upon termination, so pay those off before leaving.

I’m 90% of the way towards my retirement goal, but hate my job. Can I quit today? Expand

A: Your capacity to earn income is a hugely important asset, frequently the biggest asset for those under the age of 50. Before you quit your job, review your financial plan and consider all of your options. Transitioning into a new job that you would enjoy more, even if you made less money, can be a consideration and would allow you to work longer. Taking a few classes and acquiring new skills would help you transition into a new job.

I have great contacts and career experience and want to quit my job and become a consultant. Any considerations before I pull the plug? Expand

A: Look before you leap into the world of consulting. You’re far more valuable as a consultant when you have your current job than you are without it. Make sure your financial plan can tolerate the loss of income and benefits when you transition into consulting and be ultra-conservative in your revenue estimates. Having a significant cash reserve is important. Establishing a corporation (S-Corp or LLC) is a consideration to mitigate risk, provide the corporate structure to demonstrate you’re a serious business, and have benefit plans.

I’m looking to take a job transfer, what issues should I consider? Expand

A: When taking a job transfer, you will want to compare any changes to your income, benefit package, cost of living in a new location, moving expenses, quality of life, services and amenities, cultural activities, schools, state income taxes and more. Sometimes making more money results in having less.

I’m looking to get back into the workforce after years of absence. What should I consider? Expand

A: Make sure you hone your computer skills, presentation skills, and wardrobe before beginning interviews. Focus on your strengths, particularly your work ethic and positive attitude as most employers are willing to train specific skills. Once employed, consider the impact of your income on your family budget, your necessary savings rate, how to best utilize available corporate benefits and more.

Career Change Videos

01:19
Rolling 401k to an IRA - Shakespeare Wealth Management Vlog
December 12, 2016
01:43
When to be Most Conservative - Shakespeare Wealth Management Vlog
December 13, 2016
01:22
Different Types of Investment Advisors
December 13, 2016
1/1
By PoseLab
Show more videos»

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  • Retirement Planning
  • Tax Planning
  • Investment Management
  • Women and Wealth
  • Selling a Business
  • Death Of A Loved One
  • Legacy Planning
  • Career Change
  • College Planning
  • Insurance Preserve & Protect

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Shakespeare Wealth Management, Inc.®

N22 W27847 Edgewater Dr.
Pewaukee, WI 53072
262-814-1600

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