5 tasks and about 3 hours of work in all, spread over 2 months. Deadlines count from your first day.
1
Elect your benefits before the enrollment window closes
Within 2 weeksAbout an hour
New-hire enrollment usually closes 30 days in, and missing it means waiting for open enrollment (or a qualifying life event) to get coverage.How: Compare the medical plans against your expected usage (premiums vs deductible), and elect dental, vision, FSA/HSA, and employer-paid life insurance while the window is open.If you skip it: Up to a year uninsured or in the default plan chosen for you, with no do-over.2
Set your 401(k) contribution to capture the full match
Within 2 weeksAbout 20 minutes
Some employers auto-enroll you at a rate below the match threshold. The gap between the default and the full match is free money forfeited every paycheck from day one.How: Find the match formula in your benefits portal, set your contribution to at least the full-match threshold, and pick a target-date index fund if you don’t want to think about allocation.If you skip it: Guaranteed-return match money left behind every pay period until you fix it.3
Sanity-check your tax withholding
Within a monthAbout 30 minutes
A mid-year job change routinely breaks withholding. Two employers’ payroll systems each assume they’re your only income, and Social Security tax can be collected twice past the annual cap.How: Run the IRS Tax Withholding Estimator with your new salary and both jobs’ year-to-date numbers, and file an updated W-4 with payroll if it’s off.If you skip it: A surprise tax bill (or an interest-free loan to the IRS) next April.Tax Withholding Estimator (IRS)Form W-4 (IRS)4
Name beneficiaries on the new accounts
Within a monthAbout 20 minutes
Your new 401(k) and employer life insurance start with empty or default beneficiary forms, and those forms outrank your will.How: In the benefits portal, name primary and contingent beneficiaries on the 401(k) and any employer life insurance; recheck the old accounts while you’re at it.If you skip it: A payout routed by plan defaults instead of your actual wishes.5
Decide what to do with your old 401(k)
Within 2 monthsAbout an hour
Orphaned accounts accrue higher ex-employee fees and get forgotten, and small balances can be cashed out without your say, triggering taxes and penalties you never chose.How: Compare fees between leaving it, rolling into the new plan, or rolling to an IRA; then request a direct (trustee-to-trustee) rollover so no taxes are withheld.If you skip it: Years of unnecessary fees, or a forced cash-out taxed as income plus a 10% penalty.Find an old 401(k): Retirement Savings Lost and Found (U.S. Department of Labor)