Newlyweds: A Financial To-Do List

Being newlyweds is an exciting time for both you and your spouse. To ensure that you are starting to build a strong financial future together here are some tasks you should take care of to get your finances in order and save money.

Update Your Contact Information

Let the Social Security Administration and your employer know if your name changes. Not only will this help ensure that you receive the correct benefits in retirement, but it can also help you avoid problems when filing your tax return. Please visit www.ssa.gov for directions on how to update your name.

If your name or address changes, update your contact information for: Your financial accounts, credit cards, driver license and vehicle registration, insurance policies, memberships, passports, and property titles.

Review Your Insurance

Review your homeowners, renters, and car insurance. Now that you are married, you may have more stuff – furniture, electronics, housewares, and so on. To make certain that that your combined belongings are adequately insured, it is a good idea to review your personal property coverage on your homeowners or renters insurance policy. You may also be able to lower your premiums by insuring all your vehicles and your home with the same insurance company.

Review your health insurance. You generally have a short window of time after your wedding to enroll in a new health insurance plan or to add your spouse to your existing plan. (Check with the health plan for the deadline.) If you miss that window you will likely have to wait until the next open enrollment period to make any changes to your coverage.

Plan for The Future

Meet with your financial professional to create or update your financial plan. Your financial professional can help you and your spouse create a plan for pursuing your shared financial goals, such as a new home, college educations for the children, and retirement.

Consider updating your estate planning documents, such as your Will, trusts, and health care proxy to include your spouse. If you do not have these, now is a good time to create them.

Consider updating your beneficiary designations on your retirement accounts, bank accounts, investment accounts, and life insurance policies.

Consider purchasing life insurance if one spouse would struggle financially without the other spouse’s income.

To ensure that you are starting to build a strong financial future together as newlyweds, please consult with us. With offices in Rutland and Williston, Vermont Copper Leaf Financial develops a customized wealth management plan designed to integrate every aspect of your financial life. Our approach is to provide clarity and calm amidst the chaos. Where there is uncertainty, we look for facts. We call our approach evidence-based investing. Call us today at 802-878-2731 to schedule a strategy session and begin building your road map to financial success.

Article published in May 2021 edition of Eye on Money. If you would like to be added to our mail list please email jennifer@dh-cpa.com.