Consider these financial moves when you relocate - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Consider these financial moves when you relocate

Print
Font Size:
Default font size
Larger font size

Related Stories

Posted: Thursday, August 22, 2013 8:45 am

Almost everyone would agree: Moving is a hassle. In addition to selling your current home and finding a new one, you may need to deal with a new school for your kids, a new doctor, a new dentist — the list goes on and on. But you’ll also need to consider the financial aspects of your move — specifically, your investments, insurance, taxes and even your estate plans.

How can you help make sure that your move doesn’t slow your progress toward your financial goals? Consider the following relocation “checklist:”

• Open new bank accounts, and set up automatic transfers. If your move requires you to change banks, open your new accounts as soon as possible. And if you had your previous bank automatically move money each month from a checking or savings account into an investment, set up a similar arrangement at your new bank.

• Decide what to do with your employer-sponsored retirement plan. If you are leaving your job, you’ll need to make some decisions about your 401(k) or other employer-sponsored retirement plan. For example, you might have the option of leaving your money in your former employer’s plan, or you may be able to roll the money over to a new employer’s plan. Alternatively, you could decide to transfer the assets into an Individual Retirement Account (IRA). Your financial advisor can help you make the choice that’s right for your situation.

• Discuss your situation with a tax professional. You may want to meet with your tax professional to consider the benefits or liabilities of any differences in tax laws between your new location and your old one. You may also need to address any implications resulting from moving and changing jobs.

• Review your financial goals. Some of your goals, such as those related to housing and where you want to retire, may have changed as a result of your move. So it’s a good idea to meet with your financial advisor to review your objectives.

• Evaluate your monthly budget. If you followed a budget detailing your expenses and cash flow before your move, you may need to update it after you’ve settled in to your new home. If you haven’t set up a budget in the past, you’ve now got a good reason to establish one — because a well-planned budget can help you avoid dipping into your long-term investments to pay for short-term needs.

• Update your insurance coverage. Make sure your vehicles, stored possessions and new residence are covered during your move. And if your health insurance is changing, be aware of what’s covered under your new policy.

• Review your estate plans. If your move coincides with other important life events, such as marriage, divorce or remarriage, you may need to make some moves related to your estate plans, such as ensuring you have the correct beneficiary designations on any life insurance policies and your 401(k), IRA and other investment accounts. Check with your legal advisor to determine which steps make sense for your situation.

Moving may require you to adjust many aspects of your life. Reviewing the items on this checklist can help you get your financial house in order when you move into your new home.

• This article was written by Edward Jones for use by Ahwatukee Foothills Edward Jones Financial Advisor Kim DeVoss, CFP. Reach her at (480) 785-4751 or Kim.DeVoss@edwardjones.com.

More about

More about

More about

  • Discuss

Scientist pioneers novel ways to study endangered baleen whales

Although North Atlantic right whales, humpback whales and bowhead whales–all species of baleen whales–are some of the largest animals on Earth…

Published: December 10, 2016 - 6:17 pm @ http://phys.org/news/2016-12-scientist-ways-endang…

Passerby helps save woman, dog from burning home in Phoenix

PHOENIX - A passerby is being credited with helping save a woman and her dog from a fire in west Phoenix. Jose Salinas and his wife were drivi…

Published: December 10, 2016 - 5:44 pm @ http://www.abc15.com/news/region-phoenix-metro/wes…

Tom Geoghegan: 4 Things We the People Can Do About Our Unjust Voting System and a President Trump

Compulsory voting is an existential threat to the Electoral College. It will become too difficult to install a future Bush, or a Trump, who lo…

Published: December 10, 2016 - 5:06 pm @ http://inthesetimes.com/article/19711/tom-geoghega…

Trump Reportedly Picks Oil Titan With Ties To Russia For Secretary Of State

WASHINGTON ― President-elect Donald Trump is expected to pick Exxon Mobil CEO Rex Tillerson, who has ties to Russia, to be his secretary of st…

Published: December 10, 2016 - 4:46 pm @ http://www.huffingtonpost.com/entry/donald-trump-s…

Hackathons emerge as an outlet for Silicon Valley to channel its frustration in the wake of the election

While no one knows what Donald Trump’s victory in last month’s election will mean for Silicon Valley, or the technology industry broadly, the …

Published: December 10, 2016 - 4:09 pm @ https://techcrunch.com/2016/12/08/hackathons-emerg…

Murder and treason: Arizona journalists and authors

Jeremy Duda is a reporter for the Arizona Capitol Times. His just-published book is “If This Be Treason, The American Rogues and Rebels Who Wa…

Published: December 10, 2016 - 3:46 pm @ http://ktar.com/story/1384986/murder-treason-arizo…

Trump, Mocking Claim That Russia Hacked Election, at Odds with G.O.P.

At this point in a transition, a president-elect is usually delving into intelligence he has never before seen and learning about C.I.A. and “…

Published: December 10, 2016 - 3:46 pm @ http://www.nytimes.com/2016/12/10/us/politics/trum…

Trump expected to pick ExxonMobil chief executive Rex Tillerson as his secretary of state

President-elect Donald Trump is expected to name as his secretary of state Rex Tillerson, the chief executive of Exxon Mobil who has worked ex…

Published: December 10, 2016 - 3:34 pm @ https://www.washingtonpost.com/world/national-secu…

Obama orders a review of Russian meddling in the US election—but how much of it will be public?

President Barack Obama has added momentum to the call for an investigation of Russian meddling in the 2016 election. On Friday morning, Lisa M…

Published: December 10, 2016 - 2:35 pm @ http://www.motherjones.com/politics/2016/12/obama-…

Generous donations make for another successful Caring for Kids event

PHOENIX — KTAR News 92.3 FM wants to extend our gratitude to the community for yet another successful Mac & Gaydos’ Caring for Kids event.…

Published: December 10, 2016 - 1:45 pm @ http://ktar.com/story/1385442/generous-donations-m…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…