Recently some of our clients came in for an annual review with Stephen Weatherby, CFP®. During their meeting they casually mentioned they were thinking of moving to a small mountain town in Colorado when they retire next year.
Little did they know, Stephen is well connected in the town they are considering moving to and immediately went to work researching on their behalf. Through his personal network he connected them with a trusted realtor, an attorney, and insurance agents. He even found short term storage facilities and an agent who specializes in short term rentals.
Ask the Question. Be Proactive.
In talking to Stephen about this particular client meeting, a few helpful lessons emerged. First, Stephen said, “Often we don’t find out about a major change, such as an out of state move, until after it as happened. When working with your financial planner it is important to ask ‘the questions’. Be proactive. You may not know how helpful your financial planner could be until he/she is aware of your specific situation.”
When to Talk to Your Financial Planner About a Move
In general, it is never too early to talk to your financial planner about your long term retirement plans. Stephen advised, “If you know a move to a new state will be in your retirement plan, let your advisor know at the outset of planning. They will need to know about 9 months to a year in advance to help you plan a smooth move from a financial perspective.”
Things Often Overlooked When Moving Out of State
Stephen and the whole team at Sharkey, Howes & Javer have worked with many clients who relocate to a new state upon retirement.
Here are some of the big items we see that are often overlooked in a move:
- Legal Documents – Each state has different requirements for estate planning
documents. Make sure yours are updated prior to or right after a move.
- Insurance Providers – Your insurance providers for home and medical may
need to change when you move.
- Medicare Supplements – Did you know these can vary by state/area and should be reviewed when relocating?
- Financial Institutions – Does your bank have a branch nearby your new home?
One thing that doesn’t need to change is your financial planner. They got you this far
and can continue to help with your goals throughout your retirement.
The Bottom Line
Stephen concluded with, “We like to say professionals such as financial planners should, ‘earn’ their fee.” If you are looking for a financial planning team who will earn their fee and your respect, schedule a complimentary consultation with us. We’d love to hear about your retirement goals.
One thought on “Thinking of Relocating When You Retire? Remember to Talk to Your Financial Planner”
Not to mention tax differences among states…
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