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Switching Jobs? Consider This...

Fifty years ago, a person typically stayed with the same company for their entire career. Today, most people will hold three to seven positions during their lifetime.

Switching jobs is an important decision. Be sure to make it for the right reasons.

Some people change jobs simply because there are more jobs available. Others because they feel the increased job dissatisfaction that exists among younger workers and baby boomers.

According to the Conference Board, overall job satisfaction is at 49 percent, down from 59 percent in 1995.

Before you switch jobs, keep this in mind:

• Why do you want to switch? There are plenty of valid reasons to switch positions, such as seeking a promotion, not foreseeing a future in the current position, becoming bored in the career path you've chosen or looking for an increase in compensation.

• Consider temporary health insurance options. Remember that any time in between positions can be a period without health insurance. Options to research include COBRA and temporary health insurance offered by select health plan providers to cover you and your family during the transition. To learn more about your options, visit www.planforyourhealth.com.

• Consider your finances. If you are about to make a job change, make sure you aren't loading yourself up with debt. Too much debt can cause you to be more vulnerable during a job transition. Preparing a written budget can help you clarify your cash-flow situation and determine how to eliminate debt, build up cash reserves and cut expenses.

• Get connected. Go to networking meetings for your industry and make sure you know what is going on in your field. You may want to even consider contacting a headhunter, whose job is to introduce candidates to companies that are hiring.

• Transfer your 401(k) to an IRA or to your new employer's plan. A retirement plan is a long-term savings strategy and ideally shouldn't be used to pay for current expenses or to pay down debt.

While your current job may not be right for you in the long term, it is in your best interest to develop your role and responsibilities as much as you can before you move on. Most important of all, use your current job experience to ensure that your next position is an even better fit.

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