Transitions Can Open Doors


Many people fear change, but a career transition can lead to exciting new opportunities. Whether you are thinking about a new job or considering retirement, be prepared by following these important steps.

1. Build a team of advisors. You may need to consult with an attorney who can guide you on the legal aspects of employee compensation, a wealth manager who can help you compare the financial aspects of a benefits package as they relate to your overall wealth goals, and a CPA who understands how you will be impacted from a tax perspective.

2. Know what you are giving up. Executive compensation plans can be complicated, but with an understanding of what you are forfeiting, you can plan accordingly and potentially negotiate with your new employer to offset the loss.

3. Understand your total compensation package. It’s not just about salary, as your other benefits, including bonus, deferred compensation, retirement benefits and health coverage can really add up.

4. Negotiate the exit package on your way in. Your negotiating power is strongest at this stage, and you may have an opportunity to work out a deal with more favorable terms.

5. Consider the tax implications. Understand what your net income will be. For example, know how your transition will affect you in terms of marginal taxes and capital gains.

Partner with Luma Wealth Advisors for guidance.
We have decades of experience working with executives and professionals and can provide specific strategies for the issues you may face. These strategies include examining tax implications of pension plans and options, generating forward-looking cash-flow models and developing investment strategies that provide peace of mind.

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