Originally published 8/3/2019.
Moving is never easy, but there’s so much more to consider than how many boxes you’ll need. Before you get your new home in order you’ll need to get your financial house in order before moving. Brian Madgett, Head of Consumer Education at New York Life, recently provided Kiplinger with a “protection-first planning” checklist to go over before you prepare for your next big move.
"A move creates new opportunities to re-evaluate day-to-day spending, saving, retirement planning and insurance needs"
- Brian Madgett
1) Consider your employee benefits:
- Connect with both your current and future human resources departments and your retirement plan administrator to determine when your benefits will end and what options you have to bridge any potential gaps in coverage, as well as to understand the options you have for any retirement assets with your current employer.
2) Review your tax and insurance needs:
- Employer life insurance benefits don’t stay with you once you leave the company, so this is a good opportunity to consider an individual life insurance policy to help ensure your family is covered should the worst happen.
- Tax liabilities can vary greatly from region to region and can have a significant impact on your budget.
3) Look to the longer term:
- Update your financial institutions and insurers with your new address.
- Consider whether you want to buy or rent according to the current housing market while factoring in other considerations like schools, walkability, health care facilities, and grocery stores.
- Any number of differences between your old and new location can affect your long-term will and estate plan.
- Does your local bank have a branch nearby? Or should you be considering changing checking and savings accounts?
4) Have a conversation with your financial professional:
- Your current financial professional might have or be able to obtain the necessary licenses to support you in your new state and can help you potentially avoid having to build a relationship with someone new. There are also digital tools available to enable remote consultations with the person you already trust.
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