Financial Planning Before Transitioning Careers

Changing careers and the financial preparations beforehand can be complex, no matter if planned or unexpected.

JNBA can help guide you on a number of key activities during the career transition process, organized by the six core areas of financial planning: financial position, retirement planning, investment planning, risk management, estate planning, and tax planning.

If you’re planning a career change, be sure to assess whether you will stay within the same industry, if you will need to expand your education, and whether or not your income will change.

If a career change is unexpected, you may need to reassess your current budget and spending behavior. Make a list of your expenses, and categorize them based on discretionary or fixed. Avoid any extraneous purchases. You’ll also need to determine if you are eligible for severance pay or unemployment benefits. Keep credit in mind as well — talk with creditors to negotiate a change in interest rate or possible payment deferment until you have a job secured. Now is the time to make those calls, not when you fall behind on a payment.

In addition to assessing your financial position, below are a few helpful things to keep in mind as you begin the journey of changing careers.

JNBA is a premier wealth management and financial planning firm based out of Minneapolis. Keep 6 to 12 months of living expenses in a liquid emergency fund to better prepare for what may lie ahead. Searching for a new job can sometimes take longer than anticipated.

JNBA is a premier wealth management and financial planning firm based out of Minneapolis. Be sure to gather and organize important documents, such as insurance policies, investment documents, tax information and employee benefits information.

JNBA is a premier wealth management and financial planning firm based out of Minneapolis. Consider how this career change might affect your retirement and investment goals.

Learn more about financial planning before transitioning careers by downloading our comprehensive checklist.


PLEASE NOTE: JNBA is not an insurance agent, attorney, accountant, nor an agent of the United States Department of Labor, and no portion of the mentioned checklist should be construed as insurance, legal or accounting advice. All insurance, legal and accounting advice should be addressed with the insurance, legal and accounting professionals of your choosing.

Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, Inc.

Please see important disclosures information at