A successful career change entails more than mailing out a resume and getting a job. Determine the reasons behind your decision to help you in your search for career satisfaction. Assess your personal finances and review your personal financial planning needs to help determine if now may be the time to change careers.
You’re looking to change careers but are not sure why.
- Am I challenged by my current career?
- Do I have prospects for advancement?
- Am I happy with my benefits?
- Have I reached the top of my earning potential?
If you like what you do but are unhappy where you work, you may not need to change careers. A job change may do the trick.
Now think about your future:
- Where do I see myself in five years?
- What qualifications are needed to secure a position like mine?
- Is my company doing well financially?
- Is my company socially responsible?
- Does my company value community involvement?
If you change careers, can you continue your current lifestyle? If you change careers will you require new training or education? Are you willing to take a step back to change careers?
If your career field no longer offers fulfillment, now is the time create a plan outlining the new skills you’ll need to change careers.
- What are my strengths?
- What do I enjoy doing?
- Do I enjoy helping people?
- Do I want to work in an office or be on the road?
- What hours do I want to work?
- Is community involvement part of my goals?
Your success depends on understanding why you are seeking to change careers.
Part of your plan should include financial planning. Find out the details of current retirement plan. You’ll generally have three choices for 401k plans or other similar retirement plans:
- Cash out
A rollover IRA may help you avoid taxes and penalties and keep you on track for retirement planning.
Employer-sponsored life insurance and disability insurance ends when your leave a job. Is replacement coverage in place to protect your family? Part of your financial planning should include risk protection.
Making the decision to change careers is an exciting time in your life. Ensuring your financial planning remains on track can help you make that change.
Northwestern Mutual has over 150 years of experience in helping clients with their financial planning. From retirement planning, permanent life insurance, disability insurance and investment products, Northwestern Mutual can help you understand your options to keep your financial planning on track so you feel confident to change careers.