Skip to Main

Revising Your Financial Plan During a Career Change

  • Oppenheimer & Co. Inc.
  • December 3, 2019

Financial considerations when pivoting careers

Financials and Transition Periods

You are constantly changing every day; your interests, passions, and career motives are particularly volatile as your priorities and pursuits in life evolve. During career transition, and even in retirement, you are likely to spend more money due to a gap in income, and possible relocation costs. New career transition plans may also require unplanned expenses such as retraining or additional education. And if your new career plans entail becoming self-employed, you may face another whole set of financial responsibilities and cost considerations.

revising your financial plan

Money shouldn’t have to be a deterrent when it comes to wanting to career change. Before making such a decision it is important to revisit your current financials and financial plan to help prepare for a more comfortable and stable transition. Your first consideration is how long your savings can last with less income – or no income, during this period, in order to keep up with fixed and one-time payments.

Planning Ahead in Career and Finances

A new income, retirement plan, health insurance, and other financial matters factor into a new career. That means having to plan out how everything fits into your finances and life.

When considering a new career, addressing the transition process ahead of time is wise. During your planning, you must create a future budget that is in-line with your new salary and other benefits or expenses. It may be the case that a career change requires you to re-examine your financial plans and make changes to both your career and financial goals.

If you are considering a career change, contact an Oppenheimer Financial Advisor to better understand your financial plan during a transition. Our Financial Advisors act with your best interests and outlook in mind when helping you make financial decisions throughout your life and all its changes.


Award Criteria

Any information contained herein pertaining to a securities business should not be considered a solicitation to buy or sell any securities or financial products, and is otherwise not intended for anyone who does not reside in the States in which the advisor is licensed.

If you select any one or more of the advisory services (i.e., Planning Services) offered by Oppenheimer & Co. Inc. or its affiliate Oppenheimer Asset Management Inc., we will be acting in an advisory capacity If you ask us to effect securities transactions for you, we will be acting as a broker-dealer. Please see the Oppenheimer & Co. Inc. website,, or call the branch manager of the office that services your account for further information regarding the differences between brokerage and advisory products and services.

Oppenheimer Asset Management Inc. (OAM) and the Oppenheimer Trust Company of Delaware are wholly owned subsidiaries of Oppenheimer Holdings Inc., which also wholly owns Oppenheimer & Co. Inc. (Oppenheimer), a registered broker/dealer and investment adviser. Securities are offered through Oppenheimer.

Neither Oppenheimer, OAM nor the Oppenheimer Trust Company of Delaware provide legal or tax advice. However, the professionals of Oppenheimer, OAM and the Oppenheimer Trust Company of Delaware along with Oppenheimer Financial Advisors will work with clients, their attorneys and their tax professionals to help ensure all of their needs are met and properly executed.

Moreover, certain services mentioned herein can be provided by third parties not affiliated with Oppenheimer. Please note that Oppenheimer may receive fees, commission or other forms of consideration as a result of agreements or arrangements entered into between Oppenheimer and such third parties.

“*This site and the information contained herein is intended for persons residing in the states listed above and should not be considered a solicitation to buy or an offer to sell any securities or financial products in any other jurisdiction.

1Alternative investments, such as Hedge Equity and Fund of Funds, are made available only to qualified investors and involve varying degrees of risk.
2Trust Services are provided by Oppenheimer Trust Company of Delaware.
3Consulting services are provided by the Consulting Group at Oppenheimer Asset Management Inc. (OAM).