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Consolidating Your Retirement Accounts

Consolidating Your Retirement Accounts

October 09, 2020

Do you have multiple 401(K) accounts? 

Most Americans change jobs many times during their working careers.

What should you do with all of the old retirement plans that you and/or your employer contributed to?

  • Leave it where it is! If your account balance is high enough and the plan allows for it, you can often leave your 401(K) in the plan. If you choose this option, you will want to be sure you keep track of the investments and make sure they are appropriate for your retirement goals. 
  • Roll it over to your current employer's plan! This can be a good option if you are working for a new employer with a similar retirement plan. You will want to make sure that the new plan has good investment options and you are aware of what the fees are.
  • Roll it into an IRA! You can roll any current retirement plan assets over to one Individual Retirement Account (IRA). This can be a good way to integrate these funds into the investment strategy that you may already have in place for your investments. An advisor can make recommendations and help to steer you in the right direction.  

We know these can be difficult and confusing decisions to make, so please give our office a call or schedule a meeting to discuss your situation with an advisor.