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Financial Tips For Newlyweds

Dress , Flowers , Reception …. Banking ?
So many details, so little time. While it’s natural to be focused on the plans for your Big Day you’ll want to also keep in mind other important questions and considerations to make for this very important change in your life.

Simsbury Bank can provide help and advice for all the seasons of your life. For those getting married, we can assist with ways to pay for the wedding, guidance on purchasing a new home and planning for all those gift checks you’ll receive.

It’s wise to not leave the financial aspects of marriage up in the air. Early on, talk openly with your spouse-to-be. Discuss how you each handle money and if that will change with your marriage. Be open about your philosophy of combining funds. Discuss how you each manage debt. And, if it’s a second marriage or there are children involved there are additional issues to consider – it’s best to seek the advice of an attorney.

Some of the basics to consider when getting married are:

Checking accounts – will you keep separate accounts or open joint accounts?

Do you need to update or write wills?

Will you be changing beneficiaries on 401k accounts, IRAs, life insurance policies, etc.?

Do you need to change life insurance benefits?

Perhaps a safe deposit box for important documents so both parties know where to find them?

Are you moving? Update addresses on all bank and brokerage accounts, bills, former employers if you still have a retirement account there, etc.

If one person is moving from out of the area, consider opening a rollover IRA for the retirement plan balance with a previous employer

If you are changing your name remember these items:

Social security card. You’ll need a copy of your marriage certificate, then contact the Social Security Administration 800-772-1213 or visit http://www.ssa.gov/gethelp1.htm.

Banks – deposit and loan accounts, sign-on IDs for online banking, ATM/debit cards, checks, etc.

Credit cards

Drivers license and car registration

Passport

Employer

Post Office

Deeds to property

You have enough to do – it’s good to know that you have a place to go for help with your new banking needs. Visit us at our convenient branches or online at www.simsburybank.com. And, congratulations!

Simsbury Bank
Avon. Bloomfield. Canton. Granby. Simsbury.
www.SimsburyBank.com