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No doubt about it – moving is a hassle, whether it's across town or across the country. But any relocation process can be improved by prioritizing needs and working through each step until you've accomplished your goal.
Before moving day, make sure you've set aside all the important papers you'll need, such as marriage certificates or divorce decrees, financial statements, birth certificates and Social Security cards, and keep them with you. You'll also need to arrange school transfers for your children (including transcripts and immunization records), fill out a change of address form at USPS.com or your local post office, and make sure your new address is noted on credit card accounts, subscriptions and IRS records.
Once you have an idea of what your new town or city has to offer, you should determine whether it makes financial sense to rent or buy a home there. You'll also need to gather estimates from different moving companies so you can choose the best option for your budget. Another important step to consider is arranging for utilities to be connected at your new home and disconnecting them before you leave your old one.
Unless you're moving a short distance, you'll need a new doctor or dentist and, if changing states, will have to get a new driver's license and vehicle registration. Also, make sure to talk with your current employer's benefits department about your employer-sponsored retirement plan before you move. That way you can understand your options.
If you need to open a new bank account, make sure you transfer any funds from your old bank and close that account. Since your earnings might be different, you should update your monthly budget or create a new one.
Before you move, your financial advisor might recommend you review your portfolio to ensure it still aligns with your goals and go over any tax implications for your investments, as they can vary by state. Your tax professional also might need to weigh in on issues such as moving and job search expenses, capital gains on a home sale and any change in your income bracket.
If you're changing jobs, consider your individual or new employer-sponsored insurance options. This may include life, health and disability insurance. You also should ask your private insurance provider about coverage for your cars, any items you have in storage and your residence to make sure you're covered during your move. It also would be a good idea to talk with your financial advisor about any insurance policies you have to make sure they still apply to your change in circumstances. Sometimes, more or less insurance is necessary when you move someplace new.
No matter where you relocate, Edward Jones is here to help. Contact your financial advisor today for additional insights and helpful tools to make sure you remain on track toward your financial goals.
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.