Changing Jobs

Changing Jobs

25 March, 2021

For most of us our job is more than just an income. It is fairly common for us to derive a great deal of satisfaction from our work and our career choices can define who we are and how others perceive us.

For that very reason, changing jobs can have a big emotional impact- not to mention the financial implications of a potential change in income. The impact can be even more keenly felt when the change is sudden and unexpected.

Changing jobs is an increasingly common occurence. Most people will face this challenge more than once during their working life. Today’s school leavers will most likely work until age 75 and have at least a dozen employers in that time.

You may have decided to switch for reasons of career advancement, better pay or greater opportunities. Or you may be attracted to the idea of working part time or running your own businesses. Of course, while we like to think that we are in control of our careers, at times the decision is out of our hands and we suddenly find ourselves scanning the job ads.

In those situations you may be concerned about the impact of a prolonged period out of work on your financial situation, or the impact on your savings if you go part time or take time to build a successful business.

The complexity of change.

Chances are, you’re focused on the professional and personal challenges ahead. But it’s important to make sure that you take the financial implications of any change into account too. Financial issues around redundancy and superannuation can be complex and the decisions . you do or don’t make might affect your plans and the benefits you receive in the future.

If you have a family to consider, it’s important to review how you budget for major expenses like education, salary packaging opportunities, and various types of insurance cover. If you are nearing the end of your working life, your focus may be on estate planning, the adequacy of your retirement savings, and how you’ll transition to retirement. If you anticipate that it may take some time to find the right position you may need a bit of creative budgeting to help.

Getting Expert Help

We take the time to get to know your current circumstances and what’s important to you. And we create a plan that’s tailored just to you.

Talk to us Today

Getting expert help.

Getting practical support can help take a bit of the stress out of the situation. We can work through the particular issues you are facing and create a plan that works for you and your family.

To ensure you achieve the best outcomes, we can also work with other professionals including accountants, lawyers, and career specialists when their services are required.

Whether the change is planned and represents a stepping stone in your career, or whether it is more of an unforseen sidestep, we’ll be beside you every step of the way to help you manage this time of change and stay on track to achieve your goals.

Planet Wealth Pty Ltd (ACN 137 467 362) as Trustee of the Planet Insurance and Financial Planning Unit Trust ABN 15 757 194 605 is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 Australian Financial Services Licence 232706 and Australian Credit Licence 232706.

Any advice contained in this document is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Before making any decision, you should consider the appropriateness of the advice with regard to those matters. If you decide to purchase or vary a financial product, your advisers, our practice, AMP Financial Planning, its associates and other companies within the AMP Group may receive fees and other benefits, which will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments. Ask us for more details. If you no longer wish to receive direct marketing from us please call us on the number in this document and if you prefer not to receive services information from AMP, you may opt out by contacting AMP on 1300 157 173. To view our privacy policy visit