Having multiple retirement fund accounts means you get multiple statements, with no clear picture of your financial status as a whole.
Money management is more challenging when you have multiple retirement fund accounts. It’s harder to keep track of where your money is, and harder to know how well your various retirement funds are performing.
Consolidate Your Portfolio
Consider simplifying your money management by combining several retirement fund accounts into one.
If you have 401K retirement fund accounts with former employers, you can roll them over into one IRA. This will reduce the paperwork you receive each quarter, and will simplify your retirement fund management.
You’ll have many options for investments, and it will be easier to see how the funds you choose are performing.
Help Your Beneficiaries
Another advantage of rolling over 401Ks into IRAs is that your beneficiaries will have the option of reducing their tax liability following your death, by opting to take distributions over a lifetime.
And while we’re talking about beneficiaries, they will also have an easier time managing the financial aspects of your estate if your retirement funds are in one location.
Choose a Reputable Company
If you decide to consolidate your retirement funds, it’s important to work with a reputable investment firm. Talk with your financial planner or your bank, or contact a well-known investment company, and let an expert help you make money management a little easier.
