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Navigating the Financial Aspects of Starting a New Job

Starting a new job can be an exciting, but overwhelming experience. From your new income and benefits to your retirement plan and budget, there are many financial considerations to keep in mind. Learn about the key issues to consider when starting a new job, including income, benefits, commuting expenses, 401(k) options, and retirement planning, to set yourself up for financial success in your new role. 

To help you navigate this transition, here are some key issues to consider when starting a new job:

1-Income: A change in income can have a significant impact on your financial goals and ability to save. It's important to review your pay stub and adjust your net income and tax projections accordingly. This will help you understand how your new income will affect your budget and cash flow. 

2-Benefits: Your new job may come with a host of perks, such as cellular benefits, health and wellness incentives, professional development opportunities, and other assistance programs. Make sure to account for these in your budget, as they can significantly impact your expenses. 

3-Commuting and out-of-pocket expenses: If you're starting a new job, you may also need to factor in additional commuting costs or expenses related to setting up a home office. Make sure to budget for these additional expenses so you can stay on track financially. 

4-401(k): If you have a 401(k) with your former employer, you'll need to decide what to do with it. You may be able to roll it over into your new employer's plan, or you may decide to leave it where it is. 

5-Retirement plan: If your new job offers a retirement plan, make sure to enroll as soon as you can. Consider contributing at least enough to receive the full employer match, if any. This is a great way to grow your savings and ensure a secure financial future. 

Starting a new job can be a challenging but rewarding experience. By considering these key issues, you can set yourself up for financial success and ensure that you have the support you need to thrive in your new role.

The commentary on this website reflects the personal opinions, viewpoints and analyses of the Ascend Investment Partners employees providing such comments, and should not be regarded as a description of advisory services provided by Kesler, Norman & Wride, LLC dba Ascend Investment Partners or performance returns of any Ascend Investment Partners Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Ascend Investment Partners manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. 

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