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

'This format has arrived' – The virtual reality revolution comes to news at CNN

The experience of watching news is on the cusp of dramatic change that will transform the fundamental relationship between audiences and the s…

Published: August 25, 2016 - 1:12 am @ http://www.thedrum.com/opinion/2016/08/25/format-h…

Watch Run The Jewels And DJ Shadow’s “Nobody Speak” Video

DJ Shadow has released the video for his Run The Jewels collaboration from new album The Mountain Will Fall. The clip finds a meeting of polit…

Published: August 25, 2016 - 1:10 am @ http://www.thefader.com/2016/08/24/run-the-jewels-…

Campaign now says Donald Trump Phoenix speech not on immigration

Donald Trump will return to Phoenix next week but campaign staffers now say he won't be delivering a speech outlining his immigration policy a…

Published: August 24, 2016 - 11:34 pm @ http://www.abc15.com/news/region-phoenix-metro/cen…

First in the Country: All Obamacare Insurers in AZ County Ready to Pull Out of Obamacare

So far this year, many Obamacare insurers have pulled out of the unconstitutional and lawless Affordable Care Act that bears the nickname of t…

Published: August 24, 2016 - 11:02 pm @ http://freedomoutpost.com/first-in-the-country-all…

Ahipoki Bowl expanding once more; set to open third location in Tempe near Arizona State University

TEMPE, AZ - Ahipoki Bowl is expanding into Sun Devil territory. The eatery revealed plans on Wednesday to open across from Tempe's Arizona Sta…

Published: August 24, 2016 - 7:02 pm @ http://www.abc15.com/entertainment/events/ahipoki-…

How I Create: Q&A with Art Therapist Lanie Smith

Almost every month I have the pleasure of interviewing a different person about their creative process. I love learning how others define crea…

Published: August 24, 2016 - 6:38 pm @ http://blogs.psychcentral.com/everyday-creativity/…

Trump to deliver immigration speech in Arizona next week

Ballot Box feed By Jessie Hellmann Donald TrumpDonald TrumpTrump: Clinton is a 'bigot who sees people of color only as votes' Brexit leader st…

Published: August 24, 2016 - 6:31 pm @ http://thehill.com/blogs/ballot-box/presidential-r…

Trump money man funding TV attack on John McCain

PHOENIX — Robert Mercer, the New York billionaire well-known as a political benefactor of Republican presidential candidates Donald Trump and …

Published: August 24, 2016 - 6:29 pm @ http://www.usatoday.com/story/news/politics/electi…

Trump vows 'no amnesty, but we work with' illegal immigrants

Ballot Box feed By Jesse Byrnes Donald TrumpDonald TrumpBrexit leader stumps for Trump: I wouldn't vote Clinton if she paid me National poll: …

Published: August 24, 2016 - 6:00 pm @ http://thehill.com/blogs/ballot-box/presidential-r…

Minimum wage hike foes want state high court to toss measure

PHOENIX (AP) - Opponents of a voter initiative raising the state's minimum wage from $8.05 to $12 an hour by 2020 on Wednesday asked the Arizo…

Published: August 24, 2016 - 6:01 pm @ http://www.cbs5az.com/story/32835490/minimum-wage-…

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…