Starting a new job or career is exciting, but it can also be stressful. From wondering what to do with your
401(k) or other retirement savings to understanding changes in your family's benefits coverage, there's a lot to think about. Tailored guidance from Thrivent Financial can help make your career change or job transition easier.
Understand IRA rollover rules
You may want to roll 401(k)s or employer-sponsored retirement accounts into an individual retirement account (IRA) when you change jobs. Take a look at what you should know about IRA rollovers before deciding.
Learn about IRA rollovers
Balance your budget
Whether your job transition is one of choice or you've recently found yourself unemployed, changing careers takes some financial shuffling. Balancing your budget according to your needs can help you adjust.
Use balanced budget tool
Time to review & revamp
When you change jobs, it's a good time to review your current financial strategies and make any changes to reflect this new phase of your career. We can help you weigh your options.
Make sense of retirement accounts when changing jobs
A career change may mean you'll need to decide what to do with your
401(k)s or other retirement accounts with your previous employer. One option is to move them into a single individual retirement account (IRA) – a process known as an IRA rollover. Consolidating your qualified accounts can cut down on paperwork and help simplify your retirement savings plan. Plus, a rollover to an IRA lets you keep your tax-deferred status and offers some tax and investment advantages that other retirement accounts may not.
- Continued tax-deferred growth potential.
- Investment options for growth or income.
- Retirement asset protection.
Find a source for health insurance if you're not covered
A job loss or career change may leave you with a gap in your health insurance coverage. To avoid a lapse in coverage, consider getting health insurance from Thrivent. We offer a variety of health coverage plans in many states through brokerage arrangements. Contact your Thrivent Financial representative to see if our health insurance plans are available in your state.
- Get many of the features usually found in group plans.
- Choose a plan that's appropriate for you and your family.
We're ready to help
Whether you're moving up on the corporate ladder or across the country to start a family farm, changing careers may mean a shift in your finances. Make sure your family's overall financial strategy keeps up with your life during this time of transition. We can help you cover your bases.
Start your journey with us
Whatever you do, work at it with all your heart, as working for the Lord, not for men.
Guarantees are backed by the financial strength and claims-paying ability of Thrivent Financial.
Some products are marketed through Thrivent Insurance Agency, Inc., a wholly owned subsidiary of Thrivent Financial.
There may be benefits to leaving your account in your employer plan, if allowed. You will continue to benefit from tax deferral, there may be investment options unique to your plan, there is a possibility for loans, and distributions are penalty-free if you terminate service at age 55 or older.