It’s been called the “Great Resignation” – the large number of Americans voluntarily leaving their jobs because they think they’ve got better opportunities. If you’re part of this movement, you’ll want to take the needed steps to keep making progress toward your financial goals.
First of all, it might be to your advantage to have another job lined up before you quit your current one.
But if you don’t have new employment in place, you might be able to rely, for a while at least, on income from your spouse or life partner. If possible, try to avoid tapping into your 401(k) from your previous employer
If you’ve already established an emergency fund, you could dip into it. However, try to replenish it when you’re earning money again.
Here’s another suggestion: If you’re going work for yourself, don’t wait too long before setting up a retirement plan, such as an “owner-only” 401(k) or a SEP or SIMPLE IRA.
If you’re participating in the “Great Resignation,” it means you’re feeling positive about your future employment prospects – but you’ll still want to prepare yourself financially.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Edward Jones Trust Company and Edward Jones, and their employees and financial advisors, are not estate planners and cannot provide tax or legal advice. You should consult your estate-planning attorney or qualified tax advisor regarding your situation.
Edward Jones, Member SIPC.
Local Edward Jones financial advisors include Vicky Kirby (256-845-2610), Matt Guice (256-844-6726) and John T. Davis (256-845-4560).