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Should You Consolidate Retirement Accounts?

Should you consolidate retirement accounts, and what do you need to know if you’re considering this? Getting everything under one roof can make life easy. For example, if you have old 401(k), 403(b), and other accounts, should you combine those accounts or not? You might even have multiple IRAs from various vendors. 🌞 Subscribe to this channel (it's free):    / @justinonretirement   Get free retirement planning resources: https://approachfp.com/2-downloads/ 🔑 9 Keys to Retirement Planning 🐢 6 Safest Investments It’ll be easier to manage your investments and minimize clutter with fewer accounts. Plus, there are other advantages. But it’s important to weigh the pros and cons of consolidating accounts carefully. For instance, sometimes your money is better off staying in an old 401(k) plan. You might be able to avoid tax penalties, for example, or there might be other advantages of your workplace plan. In this video, we discuss some of the advantages and disadvantages to be aware of. While the decision is ultimately yours to make, you’ll know more about the choices after watching this video. More on this topic: IRS Rollover Chart: https://www.irs.gov/pub/irs-tege/roll... Basics of SIPC coverage: https://www.sipc.org/for-investors/wh... Online article with similar information: https://www.approachfp.com/should-you... Learn about working with me at https://approachfp.com/ ✔️ Flat-fee and hourly advice options ✔️ One-time projects available ✔️ Investment advice (optional) Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states. CHAPTERS 00:00 Multiple Retirement Accounts 01:38 Potential Advantages of Consolidating 07:41 Potential Disadvantages 10:59 What About Loss to Hackers and Bankruptcy? 13:14 How to Combine Accounts 16:55 Can I Combine Accounts With a Spouse? 17:27 Which Accounts Can I Consolidate? 18:44 Will I Earn More By Consolidating? IMPORTANT: It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. You can potentially lose money if a custodian fails, if a vendor experiences theft or irregularities, if your accounts are hacked, or in other circumstances. This video is not an exhaustive list of risks and topics, and there is no guarantee or suggestion that everything will be fine. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.