Moving is a hassle, whether it's across town or across the country. But the process can be improved by prioritizing needs and working through each step until you've accomplished your goal.
1. Don't pack your paperwork
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. Even if you can access this information online, you can't always rely on cell service and there could be delays in activating new internet service.
2. Update your records
Complete 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.
3. Review your financial and retirement goals
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. Also, make sure to talk with your current or future employer about your benefits options. Your tax professional 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.
4. Determine if you need a new bank
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 changing, you should update your monthly budget or create a new one.
5. Think about insurance
If you're changing jobs, consider how this might affect your life, health and disability insurance. Talk to your private insurance provider about coverage for your vehicles, any items you have in storage and your residence to make sure you're covered during your move. Also check with your financial advisor about any existing insurance policies you have to make sure they still apply to your new situation.
No matter where your move takes you, 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.