10 Savvy Things to Do Before You Leave Your Job

​It is easy to leave money on the table.  Pay attention to vesting schedules and other important timelines.  Check out our blog post to make sure you have covered your bases before you submit that resignation letter!

​Leaving a job to retire or move to another company can be all-consuming, exhilarating, and downright stressful.  If you are leaving voluntarily, it may be less fraught with emotion than if you are downsized or fired.   

At some companies when an employee resigns, they are immediately escorted off the premises.  Security these days is of the utmost importance.  In order to keep yourself secure, make sure you have what you need in the event of questions and record-keeping.

Whatever the situation, there are some important things to consider before walking out the door.  We put together a “hit” list of things to think through before sending in your resignation letter.   

Timing is everything 

1. Check vesting schedules on retirement matching, stock options, and bonuses.  It may be beneficial to wait until the month-end or some other date to reap the full benefits of your rewards.  With a RIF, generally your bonus, options, etc., fully vest after a specified period if you adhere to the terms in the severance letter. 
2. Front load your 401K to get additional matching.  
3. Make major purchases if necessary (real estate) while you are still employed.  It is much easier to borrow money when you can prove consistent income from an employer with whom you have been for an extended period. 
4. Check and double check your insurance benefits.  Quitting in the first few days of a month can extend your insurance benefits through the month-end.  If you are going to a new employer, make sure they will start your new coverage when your old coverage terminates so as not to have a gap in coverage.  If that is not possible, check out marketplace insurance for the interim. With a RIF, normally you will be offered COBRA. If you are retiring prior to 65, when Medicare kicks in, make sure you have enrolled in an alternative plan. 
5. Drain your FSA as well as take care of as many health-related issues as possible before leaving. Stocking up on prescriptions, getting new glasses, scheduling doctor, dentist, or physical therapy appointments and even surgery can be practical. Your HSA follows you. 
6. Check accrued vacation and sick time. Often companies will pay out “days” depending on when in the year you are leaving.  Make sure to check and understand your company’s policies. 
7. Check your paycheck. Verify that your final compensation is correct and accurate as information submitted to payroll may not be correct.  In addition, if you have incentive-based compensation you will want to make sure all incentives are included according to policy
8. Know your benefits providers. Record websites, account numbers, and password information.  Print copies of compensation documents, stock options, account balances, and anything else that can be questioned. 
9. Access your benefits portal. If your company has a portal make sure that it is accessible from your home computer. 
10. Record HR info. Have a go-to HR professional and phone number before you leave.  If any issues come up after you leave, you need a friendly ear from whom to get assistance.