Navigating Job Loss or Transition

Whatever the reason for switching jobs, it can be both an exciting and stressful time. During these times, having a plan and professional guidance can help make a difference.

From understanding your financial situation to deciding what to do with your retirement savings we can help you navigate the complexities you may face after leaving or switching employment. Our team at StackStone Wealth can help you stay on track during, before, and after a job transition. An Ameriprise Financial Advisor from any of our offices in Lake Geneva, WI, Marquette, MI, Dubuque, IA, or Rockford, IL can help you create a budget and a plan for your financial future.

During your Transition

The first step we recommend is an assessment of your current financial situation. What are your expenses? How will you cover expenses until your new job? How much debt do you have?

Once you have a better picture of your finances, put together a core budget. This might include identifying areas to cut back and strategies to manage debt or savings. Here are a few things to consider as you work through your plan:

• Income: If you received a severance package, determine how long the funds will last. Consider other sources of income such as a partner’s income, savings, or investments.
• Expenses: Essential expenses include mortgage or rent, groceries, auto loans, and insurance.
• Debt: Managing debt while you are unemployed might require a bit of sacrifice. Even small amounts each month can add up quickly. Consider using cash to help reserve your safety net.

Additional Considerations

When you leave a job, you have several options when deciding what to do with the money you have accumulated. Changing jobs may affect your retirement plans. Our team can offer insights on investment strategies for your 401(k) or other retirement accounts during a transition. Discuss these plans with your financial advisor as well as your tax and legal advisor. Understanding the pros and cons may help make an informed decision about which option works for you. We can offer advice on your severance package and unemployment benefits, helping to provide a financial cushion during this transition. If you have an emergency fund, we can work together to help you figure out how to use it wisely.

When you Land a New Job

Working toward more financial confidence doesn’t stop once you’ve landed a new job. In fact, it’s a great time to talk with your Ameriprise Team about how our exclusive Confident Retirement ® approach can help you make decisions today so you can feel more confident about your tomorrow. Learn more about the action steps that can help balance your future here.

Experiencing job loss or transitioning to a new career can be one of life’s most challenging moments. It's not just a professional change but an emotional journey that impacts every aspect of your life, especially your finances. Job loss and career transitions are undoubtedly challenging, but with support and financial guidance, they can also be periods of tremendous growth and opportunity. An Ameriprise financial advisor can help you make the decisions to help meet future career and retirement goals.