Moving isn’t easy, and it comes with several financial questions. Take a look at our checklist, which can simplify the moving process by helping you prioritize your financial needs. Follow these steps to maintain a strong financial foundation as you complete your move.
1. Have your paperwork on hand
Before moving day, set aside physical copies of all the important papers you’ll need, and keep them with you. These should include marriage certificates or divorce decrees, financial statements, birth certificates and Social Security cards. Even if you can access this information online, you can’t always rely on cell service, and there could be delays in activating internet service at your new home.
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, you and your financial advisor should review your portfolio to ensure it still aligns with your goals and go over any tax implications for your investments, since 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, transfer any funds from your old bank and close that account. Since your earnings might be changing, 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. 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. Get your move started off right by contacting your financial advisor, who can provide additional insights on achieving 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.