Changing Jobs

Changing jobs is a big decision that requires careful consideration.  When making a job transition, it is recommended that you also reconsider your overall financial situation. MidUSA Credit Union can help you through this process.

Direct Deposit

When you sign up for Direct Deposit, you may arrange for a certain amount to go directly into a savings account. A new job means a new chance for you to pay yourself first. Determine the amount you want to save and have that money taken out of your paycheck before you get your hands on it.

Know the Difference Between Net Pay and Gross Pay

Track your expenses for a few months before spending any pay increase that you haven’t put in savings. You’ll be surprised by how a new job can affect your spending. For example, you might have to pay for parking, or the corporate culture might include more frequent lunches out with co-workers. When negotiating a raise, keep in mind the difference between your gross pay (or pay before taxes, etc) and your net pay (or take-home pay). Don’t forget that taxes, health coverage, retirement contributions, and other benefits will be taken out of your checks.

Make the Right Move With Your Retirement Plan

Do you have a handful of retirement plans with no overall investment plan?  The partnership you have with MidUSA Credit Union extends to MidUSA Credit Union Investment and Insurance Service Center, through our broker dealer CUSO Financial Services, LP. (CFS).

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA, SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

Before deciding whether to retain assets in an employer sponsored plan or roll over to an IRA an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock.