Benefits of consolidating retirement accounts
Consolidating the Smart Way The question of whether to consolidate your retirement accounts really comes down to balancing simplicity with optimization. Consolidating Accounts Advantages of Consolidating Your Accounts Viewing your retirement savings and investments all in one place offers many benefits. Here are the major factors you should be considering as you decide whether or not to consolidate your retirement accounts.
Convenience The fewer retirement accounts you have, the easier it is to keep your overall investment plan on track. We recommend that you speak with an advisor about your options so they can assist you with the rollover process and any necessary paperwork. Generally, the more assets you have with a single financial provider, the more opportunities you may have for reducing or eliminating account fees and lowering investing expenses.
Also, not having your correct address and contact information on file will add extra steps to the consolidation process and for accessing account information. If they are with one provider, it is much easier to keep track of them.
But bringing all your investments to one institution can make life simpler and more convenient. Fortunately, many plans allow you to fax the request, rather than mailing the original copy.
Your plan has a version of this notice specific to the custodian, such as Fidelity. If you were to pass away, it could be a nightmare for your beneficiaries and the executor of your estate to deal with multiple custodians of multiple retirement accounts. Learn how to move your accounts to Fidelity. Plus, having your retirement and brokerage accounts at the same firm can help you implement tax-efficient strategies. And you may be eligible for perks, such as bargain-priced tax software or a complimentary portfolio review by a financial planner.
This post will help you figure it out. Consolidation reduces the clutter and allows you to have better oversight of your assets. Moreover, rebalancing can be a much simpler task with an integrated view.
Simplify your retirement planning It's not how many firms you have accounts with that makes your portfolio diversified, it's the asset allocation across your accounts. Of course, you always want to carefully consider any potential benefits of remaining in the k plan before deciding to roll it over. Or you may find it easier to implement an asset location strategy. For mutual fund investors, consider the investment options, particularly if your k or workplace plan offers institutional shares, which may be less expensive. If you were to pass away, retirement account beneficiaries have claim to the assets over who may really be your intended beneficiaries.
It can simplify the ongoing management of your retirement plan and may save you money. Or, you may have gone through a divorce and still have your ex-spouse listed as your primary beneficiary. Leave them where they are. Consolidating is a decision that needs some time and consideration, but the potential benefits may make it worth your while.
Key takeaways Holding your investments at one financial firm can provide a complete view of your portfolio. Pay less to get more If you're investing through multiple providers, you might be paying more in fees than you need to. You could be duplicating exposure to certain investment types. At a minimum, you should check your listed beneficiaries to ensure they align with your current estate plan. If you receive the check, either give it to your advisor or deposit it at a local branch of the custodian.
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