A higher salary. More job security. Doing what you love. A chance to give back. Changing careers can be rewarding for many reasons, but career transitions don't always go smoothly. Your career shift may take longer than expected, or you may find yourself temporarily out of work if you need to go back to school or can't immediately find a job. Fortunately, planning for the financial impact can make the transition much easier.

Do Your Homework
You'll want to make sure that you clearly understand the steps involved as well as the financial consequences of a career move. How long will it take to transition from one career to the next? How will changing careers affect your income and expenses, both in the short term and the long term? Will you need additional education or training? If so, how will you cover the expense? How will your career move affect your health, life, and disability insurance coverages?

You should prepare a realistic budget and a timeline for achieving your career goals. And if you haven't already done so, save up an emergency cash reserve that you can rely on, if necessary, during your career transition. It's also a good time to reduce outstanding debt by paying off credit cards and loans.

And here's another suggestion. Assuming it's possible to do so, keep working in your current occupation while you're taking steps to prepare for your new career. Having a stable source of income and benefits will make the planning process much less stressful.

Hands Off Your Retirement Savings
Planning ahead can also help protect your retirement savings. When confronted with new expenses or a temporary need for cash, people tend to look at their retirement savings as an easy source of funds. But raiding your retirement savings, whether for the sake of convenience, to raise capital for a business you're starting, or to satisfy a short-term cash crunch, may severely limit your plans for the future. Although you may think you'll be able to make up the difference in your retirement account later--especially if your new career offers a much higher salary--that may be easier said than done. In addition, you may owe income taxes and penalties for accessing your account funds early.

Get Help From Others Who Have Been There
When contemplating a career move, there's really no substitute for getting help from people who understand the hurdles you'll face when changing professions. Talk to a specialist. Depending on your goals, this may be a mentor, career counselor, small business representative, or an individual who holds a job in your desired profession. A qualified financial professional can also give you insight into the potential impact of a career move and help you take steps to protect your finances.