Benefits of consolidating retirement accounts

06-Mar-2016 23:46 by 5 Comments

Benefits of consolidating retirement accounts

Consider the beneficiaries to your estate, scrambling to make sense of a scattered portfolio after you've passed on or become physically or mentally incapable of managing your investments in later years."We see this all the time," says Mecca."Clients come into my office and throw a bunch of inheritance statements at me and say, 'I have no idea what this is.'"Consolidating your accounts makes things easier on them, and that says a lot." Bankrate's community sharing policy Bankrate wants to hear from you and encourages thoughtful and constructive comments.

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By transferring 401(k) assets into your new employer's plan, or a single individual retirement account, investors are better positioned to rebalance their holdings when the market shifts.

Depending on the size of your accounts, consolidating multiple 401(k) plans may also yield a cost savings.

Like trophies of your employment past, you've managed to accumulate a workplace savings plan for every job you've had.

While your commitment to retirement savings is commendable, it may be time to simplify."When you have investments all over the map, you get paralyzed," says Bob Mecca, a fee-only Certified Financial Planner with Robert A.

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Indeed, there are thousands of "lost" 401(k) accounts in the system where former employers have no forwarding contact information."If for some reason the former employer is acquired, merged into another company or goes out of business, the account will be maintained but will be very difficult to find when the participant wants it," says Wray.

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