Are Multiple Retirements Accounts Costing You?
If you've participated in more than one retirement plan during your career, you may have accumulated multiple retirement accounts. Although there's nothing wrong with maintaining these accounts separately, there may be benefits from combining them into a single account.
Why consolidate?
Here are three advantages to combining multiple retirement accounts:
1. One-statement simplicity. You free yourself from multiple statements and paperwork hassles by moving retirement savings to one service provider. By consolidating, you'll have fewer accounts to keep track of.
2. Fewer fees. You can stop paying multiple fees to maintain separate retirement accounts through former employers' programs (when appropriate).
3. Expert financial assistance. By combining accounts, you can enjoy expert financial assistance from specialists in retirement planning.
The right way to make your move
A Rollover is the process of moving one or more retirement account from one company to another. Although you can do the job yourself — a so-called indirect rollover — you face a risk of penalties and taxes if you don't follow IRS rules.
Generally, a better approach is a direct rollover. This is where you direct the company receiving the funds to handle the transfer. With experts handling all the paperwork, you can relax and enjoy the scenery, confident that your money won't stop working for you even for a day.
Take the next step...
Make savings simple! Simplify your retirement saving with an IRA.
