Did you just land the big job.  Get the dream promotion? Has your business just reached the next level?  There’s a lot to be excited about, congratulations. There’s a lot of planning to do, too.  You’ll be making more money. You may be getting a big pay day, too. We’ve helped many of our clients navigate through this time so they can focus on their work and have some time for their family and friends.

Things to think about.

Taxes. How will your new income impact the taxes you pay?  When are lump sum payments like bonuses or distributions paid? How about restricted stock, options, and deferred compensation? There’s a lot of tax planning to do.

Benefits.  Many people give this important part of work a back seat.

  • Which health insurance plan should you choose?  Do you know how a high deductible health plan and health savings account (HSA) work?  Is your spouse eligible for health insurance through work? Who’s policy should you choose?  Do you sign up for dental or vision coverage?
  • What disability income insurance coverage is offered (especially important for physicians and other medical professionals)?
  • How much group term life insurance do you automatically get? Do you select additional coverage?
  • Are there other benefits that make sense, like group long term care, college savings plans, or something else?
  • Retirement plans.  How much does your employer contribute? Which investments should you select?  Are you eligible for more than one plan — a 401(k), 403b, 401(a), 457, or another type of deferred compensation plan?  Is a Roth option available and right for you? It’s so important to know you are taking full advantage of the tax-advantaged retirement savings plans available to you — to save on taxes today and maybe years down the road.

There’s so much to juggle.  With hope, this information helps you organize your thoughts.  We can help you.