Making it through another year at your job can be something to celebrate. For most, it signifies one year closer to retirement. During your anniversary, you should take a little time to reflect on some of the more important changes you have been through. Did you get a raise in pay? Did you finally receive that promotion you had worked hard for? No matter what happened, now is the perfect time to makes some necessary personal finance changes. Below are some of the top personal finance tips to keep in mind when you are enjoying your work anniversary.
Work Anniversaries- Personal Finance Tips You Should Make A Priority
1. Work Anniversaries- Personal Finance Tips You Should Make A Priority
Making it through another year at your job can be something to celebrate. For most, it signifies
one year closer to retirement. During your anniversary, you should take a little time to reflect on
some of the more important changes you have been through. Did you get a raise in pay? Did you
finally receive that promotion you had worked hard for? No matter what happened, now is the
perfect time to makes some necessary personal finance changes. Below are some of the top
personal finance tips to keep in mind when you are enjoying your work anniversary.
Review Your Retirement Account:
One of the more important personal finance tips to put into action each anniversary at your place
of employment is taking a look at how your 401(k) plan has performed over the past year. If it
hasn't performed as well as you had hoped it would, now would be a great time to reassess how
your funds are being invested. Check to see how well each portion of your portfolio did and
make some adjustments where necessary. You may need to adjust some allocations to be more
conservative or aggressive depending on how close you are getting to retirement.
Handling Salary Increases:
Another thing to take into consideration around your work anniversary is whether you got an
increase in pay over the last year. If you received a raise in your salary, now is a good time to
reflect on what you did with the extra money. A great tip to follow with pay increases is to put
half of the increase into savings. The other half will be your increase in take-home pay. The extra
money for savings can go to your 401(k) or other retirement plan if you maxed out your 401(k)
contributions already.
2. Review Stock Options:
An annual work anniversary is also a great time to review your stock options and restricted stock
units to see how well they have been performing. It is also a good time to review how many new
stocks became invested. Also, you can look to see what some of the tax consequences would be
if you decided to liquidate. If you are considering liquidating your stock options or restricted
stock units, it is best to work with a CPA or financial planner to ensure you make the right
decisions.
Negotiate A Raise:
Like stated earlier, your annual work anniversary is a good time to reflect on the past year at
your job. If you feel you have been doing a great job and are an asset to the company, now is a
good time to think about negotiating with your boss for a pay raise. Employers want to ensure
they retain their best employees. If they want to make you happy in your position and not risk
losing you, they will probably be happy to work something out with you. It can oftentimes cost a
lot more to replace you than to give you the extra pay you want.
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