Among the numerous changes we’ve all experienced over the past year and a half, a phenomenon called the Great Resignation is changing up employment. For the past several months, millions of workers have resigned from their positions, and the trend appears set to continue. What is shaking things up in the workplace? And what do you need to consider, before joining in the trend?
Throughout the pandemic, some workers realized that they felt undervalued within their current employment situation. Others finally experienced remote work, with some deciding they wanted to stick with it even as life went back to normal. And still others did not enjoy remote work, and felt frustrated at their new limitations.
Adding to the complications of remote work versus office settings, employees also expressed fear regarding the pandemic. Those who were close to retirement anyway, and who fell into the vulnerable categories with regard to age and health status, sometimes opted for early retirement or a move into an occupation that felt more safe.
And finally, inflation has simply motivated many American workers to seek jobs with higher pay and/or better benefits packages.
With resignation rates highest among mid-level employees, between 30 and 45 years old, we feel some concern with regard to retirement planning. Seeking higher compensation is obviously a wise choice from a financial perspective. But any time an individual leaves one employment situation for another, they face choices with regard to their long term retirement plan.
- Should I cash out my retirement plan, or roll it into a new plan?
- What do I do about my health savings account?
- Is my new retirement plan structured differently, and what do I need to learn?
- Should I change my retirement plan contribution rate, now that I’m earning more?
- Now that I’ve moved, how will my new location affect my future retirement budget?
You might face these, and other decisions, if you choose to join the Great Resignation in pursuit of better opportunities. We urge you to meet with us as you’re planning this transition, so that we can help you maximize the advantages of your new situation. Call our office to schedule an appointment, and we can help guide you.