Community Local Residents Invited to Unique Opportunity to Help Military Families
How to be Financially Savvy When Changing Jobs Renee A. Hanson, CFP®, ChFC®, CEP®, CDFA™, CFS®, BFA®, APMA®
you. A prospective employer should be able to outline your expected career path along with a timeline for advancement. Consider whether you could be walking away from a bright future at your current workplace. Is there a chance your employer would sweeten your terms to keep you on board?
T
he tight labor market is enticing many people to evaluate options to start a new career. If you’re among those who plan to quit your current role in search of a better opportunity, it’s important to consider how doing so could affect your finances. Here are some things to think about before you hand in your two-week notice. Compare the complete package. Many factors contribute to work satisfaction. Weigh these factors when evaluating whether to stay in your current job or take the leap into a new opportunity.
If you decide to take the leap and have a new job offer in hand, here’s what else to consider. Negotiate while you can. Most prospective employers expect some give-and-take during salary and benefit discussions. Think of ways to quantify the value you would bring to the business and be prepared to counter if an offer does not meet your expectations. Transition your benefits. Use your paid time off before leaving your current position. Ensure continuity of health care coverage by enrolling in COBRA until your new benefits kick in. You will have decisions to make about your 401(k) savings. You can keep them where they are, transfer them to your new employer’s plan, or roll savings into your own account. You can also cash out your savings, but this will incur a tax penalty and detract from your retirement goals. Leave on good terms. Ideally, you want to maintain good relations with former employers. Provide ample notice to help them find a replacement. Ask for a letter of referral. Participate in an exit interview if one is offered. Talk to your financial advisor. Job changes are life events that impact your financial future. Lean on your advisor’s expertise to adjust your financial plan as you transition in your career.
• Pay – Better pay is often the main motive for changing jobs. However, pay comparisons are not always as clear as they seem, particularly when moving from an hourly to a salaried position or a position reliant on commission. With a salary, you may be expected to work extra hours without the benefit of overtime, but bonuses can potentially boost your earnings. • Benefits – Benefit packages vary from employer to employer. How much paid time off is your employer offering? Will you have quality options for health, dental and life insurance? Will they cost more? Does the company match 401(k) contributions? There is value in other perks as well, such as an on-site workout facility, dry cleaning or daycare facility that can save you time and money. • Culture – Pay attention to the culture of your prospective workplace. How do you see yourself fitting in? Does the workplace seem to be collaborative or Renee A. Hanson, CFP®, ChFC®, CEP®, CDFATM, CFS®, BFA®, APMA®, hyper-competitive? Where do you thrive? Is there is a Private Wealth Advisor with Affinity Wealth Advisory Group, a private flexibility to work from home? All of these things can wealth advisory practice of Ameriprise Financial Services, LLC. in Phoenix, make or break a new job. Arizona. She specializes in fee-based financial planning and asset • Commute – Is the new job closer or further from home? management strategies and has been in practice for 30 years. To contact If the new job is further away, you will spend more time her visit www.affinitywealthadvisor.com or call (602) 923-9800. Her office is located at 7010 E. Chauncey Lane, Suite #200, Phoenix, AZ 85054-3115. commuting. You will also incur extra expenses either in Investment advisory products and services are made available through Putting needs of clients first the approach I’ll work with you to findinvestment adviser. Ameriprisein. Financial Services, LLC, a registered bus feesthe or gas, oil and wear and tearison your vehicle. I believe LLC. Memberwe’ll FINRA and SIPC. the right financial solutions help gains. you plan for yourAmeriprise uniqueFinancial goals.Services, And together, These costs may offset potentialtosalary © 2021 Ameriprise Financial, Inc. All rights reserved. track your progress over time, plan along the way to help get you where • Opportunity – Think through whereadjusting a new jobyour can take File # 3685575-RUSH (Approved 08/2023) you want to go. Renee A. Hanson CFP®, CEP®, CDFA®, CFS®, ChFC®, APMA® Private Wealth Advisor Affinity Wealth Advisory Group A private wealth advisory practice of Ameriprise Financial Services, Inc.
By Lin Sue Cooney Photo Courtesy of Hospice of the Valley
O
ne of the most fulfilling things we can do in life is serve others. Ideally, the happiness we derive is all the thanks we need. But an amazing program called Legacy Corps is making it even more rewarding to help others. Based at Arizona State University, this national AmeriCorps program matches people in communities across the country with veterans and military families who need support. Hospice of the Valley is thrilled to be the first Arizona partner and receive a grant to fund the program for the next three years. Of the 20,000 patients we serve annually, about 1,400 are veterans, who often find themselves physically and emotionally overwhelmed. Many need assistance with transportation, grocery shopping or light housekeeping. Now we can help lighten the stress. “Hospice of the Valley is excited to implement this grant from Legacy Corps and touch more families in our veteran community,” says Volunteer Services Director Stacia Ortega. Volunteers who join the program are called Legacy Corps members and receive special training in caregiver support. Their participation is invaluable to military families who need socialization, companionship and inhome respite care to ensure their loved
ones are not alone while a caregiver takes a much-needed break. In addition to training, Legacy Corps offers incentives like a monthly allowance and a college tuition award after a year of service. Those who are 55 or older can pass this award to a child or grandchild. Legacy Corps’ national project director, Jack Steele, says the grant enables Hospice of the Valley to recruit and train 24 volunteers this year. Among the current applicants are a 19-year-old woman who has volunteered with various nonprofits since age 15 and a 43-year-old speech therapist who wants to help veterans living with dementia. “They both express a vital quality: a passion for national service and excitement about making a difference in their communities,” says Eileen Dullum, Legacy Corps program coordinator for Hospice of the Valley. David Swindell, director of ASU’s Center for Urban Innovation, which oversees the Legacy Corps grant, sees the program evolving. “Next year, we hope to offer our first course for volunteers to learn about and deliver respite care while earning course credit at ASU.” To learn more about Legacy Corps for Veterans and Military Families, visit hov. org/volunteer/Legacy-Corps. Lin Sue Cooney is director of Community Engagement at Hospice of the Valley.
602.923.9800 7010 E. Chauncey Ln Ste 200 Phoenix, AZ 85054 renee.a.hanson@ampf.com affinitywealthadvisor.com
Ameriprise Financial Services, Inc. Member FINRA and SIPC.
12 • September 2021 • NORTH TATUM TIMES
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