Time your exit correctly.

You've been offered a better job or perhaps you're about to take the entrepreneurial plunge. You type up your two-week notice, content that now is as good a time as any to leave--but is it?

Determining when to break ties with an employer can be just as important as the new opportunity you choose to pursue. Whenever possible, your last day on a job should be based on careful research. For example, "the amount of money you earn in an employee retirement fund is largely influenced by how well you time your departure," says Shirley Singletary, president of Search World, a New York-based executive recruitment firm. If you participate in a company retirement plan, find out when you will be fully vested and how much you and your company contribute each pay period. "This information is especially important," Singletary adds, "because tracking the dollar value of your retirement plan will enable you to choose your last day of employment based on clear financial goals."

When Gina Frizelle decided to leave Fidelity Investments after four years to attend the University of Maryland's M.B.A. program, she immediately investigated her company's 401 (k) plan and other stock options. She was scheduled to start the program in September, and since her anniversary date fell in June, she was able to make her five years required to become fully vested. By working past her anniversary date, Frizelle was able to leave the company with $23,000 instead of half of that.

Singletary also suggests that you find out the details of your current health insurance policy prior to leaving. Even if you intend to join another company's health plan, consider that it might have a waiting period before benefits start or exclude pre-existing conditions. At some firms, employees are covered under the company medical plan until the last day of the month of their departure. In this case, you would be covered longer if your departure date is early in the month rather than near the end.

Do you owe the company money? Or, does your company owe you? If you've taken out any company loans or owe anything on your corporate credit card, you will probably have to make arrangements to repay the money on your last day of employment or shortly thereafter. On the other hand, if you're expecting a bonus, a tuition reimbursement check or any other cash awards, it might make sense to put off your departure date; companies usually refuse to make these payouts once an employee has left the firm.

Company perks are history once you leave your employer. "Take advantage of any discounts on products and services before you go," adds Frizelle. Because of a lack of planning, she was not able to take advantage of Fidelity's computer purchase program, which offers employees a 25% discount.

Unless your new opportunity prevents you from setting your own last day of employment, choose one that will let you to enjoy the most benefits. As soon as you decide to exit, take the following actions:

* Schedule a meeting with your benefits counselor. An open conversation with your benefits administrator can give you a clearer understanding of your company policy before you hand in your resignation. If you're afraid of tipping off your boss, ask the benefits professional to keep the meeting confidential.

* Obtain the latest copy of your company's benefits manual. Regardless of when you started at your current employer, some of the firm's policies may have changed. Make sure that any decisions you make are based on up-to-date information.

* Reevaluate the terms of your employment. Can you work for a competitor? If so, find out whether there is a waiting period. Understanding the details of your employment contract can help you avoid some very costly pitfalls.

* Talk to other employees who have recently left the company. If possible, find out what issues they encountered when they left. Their insight may help you choose the ideal time for your departure. --Monique R. Brown