You work hard for the money. You spent count hours at work ensuring the job get done just right. There is no need to worry, though. Everybody goes through these thoughts from time to time. It is normal and people would often do everything they can do to get them towards the right direction of their dreams. Sometimes this includes using several accounts holding several different investments in it.
Two Many Retirement Accounts to Track
There are so many ways you can go through your retirement plan. You can open a 401K for every single one of your jobs. If you are an employee of a charitable institution, you can also add a 403B to that list. You can even open up a separate personal brokerage account and an IRA just to make the collection complete.
With all of that on hand, things can get a little confusing. There is something that may help you get through this confusion. It is a very useful to put all of these retirement accounts together and create just one account to hold all of the your investments.
The process of putting all the accounts together is called consolidation and it is a very effective way of simplifying your finances and possibly helps you run your retirement better. It can also prove effective in your very own finances.
Save on Retirement Account Fees
One primary benefit to simplifying your portfolio into one single account is the fees. Each one of these accounts often has a broker or adviser attached to it. If this is run by more than one adviser, you would need to pay the fees for each one, therefore doubling or even tripling your management costs.
Another good reason to consolidate your account is to increase your investment flexibility. Rolling your 401Ks into just one rollover IRA account allows you to centralize all the information and capitalize on it to make the right business decisions.
Financial account consolidation can help you organize your finances while letting you enjoy the flexibility and diversity of several accounts. Go ahead and ask your financial adviser today about the best move towards your retirement.
Consolidate Your Retirement Accounts