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Switching jobs can feel exhilarating and risky, especially during your critical retirement savings years.
But with proper planning, it can work to your advantage.
Here are five ways switching jobs couldaffect your retirement savings.
Leaving early could mean keeping only a portion or even none of your employers contribution when you switch jobs.
Social Security benefits are based on your highest 35 years of earnings.
If you do switch employers frequently, consider building your own personal pension with annuities, Tyler said.
However, if the rollover process isnt handled properly, you could get hit with taxes and penalties.
Evaluate the new retirement plan against the costs and products available in an IRA rollover account, Tyler said.
While some employers have great plans, most limit investment options.
Tyler explained, It may simplify tracking retirement savings but may constrain your choices.
Investigate the pros and cons ofan IRA vs. an annuityand determine which one is right for you.
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