If you have multiple retirement accounts, your retirement preparation may be more complicated than it has to be. Investors who consolidate old retirement plan accounts into one account, may benefit from:
- One consolidated statement and one website for more convenient management
- One point of contact for retirement questions
- One account for allocation and diversification of investments
- Invested assets that remain tax-deferred
- Fewer account restrictions, which you may have had with a former employer’s plan
There are some things you should consider, however, before consolidating prior retirement assets into an account where you currently make contributions, including:
- The prior plan’s investment options and cost structure. Moving assets out of a prior plan would then make them subject to the new plan’s options and cost structure.
- The flexibility of consolidating accounts into an Individual Retirement Account (IRA). Transferring prior accounts into an IRA could potentially provide a greater number of investment options and lower costs. An IRA would also not be subject to the prior or current plan restrictions.
If you are interested in consolidating other retirement accounts into your account at OneAmerica Financial, we’re here to help. Contact us for assistance.