- The Wisdom Journal - http://www.thewisdomjournal.com/Blog -
How To Consolidate Your Retirement Accounts
Posted By Ron On October 18, 2011 @ 1:00 AM In Investing,Retirement | Comments Disabled
With workers changing jobs an average of 12 times during their career, chances are you’ll set up multiple types and varieties of retirement accounts over the course of your lifetime (please don’t cash them out! ). But instead of maintaining a lot of separate accounts at different employers, you can in many cases consolidate, or merge, your various retirement plan accounts into just one easier-to-manage account.
Consolidating your retirement plans can be a benefit with:
The table below indicates which types of retirement plans can be consolidated into which other types. Note that not all types can be consolidated: for instance, you can consolidate a Roth IRA into another Roth IRA, or into a Roth 401(k) , Roth 457(b), or Roth 403(b) , but not into a Traditional IRA. Regardless of which type of consolidation you’d like to do, it’s a good idea to consult a tax advisor and/or a financial planner  for guidance.
Traditional IRAs can be consolidated into:
Roth IRAs can be consolidated into:
SIMPLE IRAs can be consolidated (after you’ve participated for a minimum of two years) into:
SEP IRAs can be consolidated into:
401(k), 403(b), or 457(b)s can be consolidated into:
Roth 401(k), 403(b), or 457(b)s can be consolidated into:
* Only if your adjusted gross income for the tax year does not exceed the maximum limits set by the IRS .
If you’d like the simplicity of having just one retirement account, consider consolidating. The best way to get this done is to simply contact the firm you intend to consolidate into. Most companies and online brokerages have “consolidation specialists” on hand to guide you each step of the way and chances are you’ll simply have to fill out a few forms and answer a couple of questions. From there, the specialist can handle things.
For MAXIMUM flexibility and control, I would consolidate into an online brokerage such as:
Article printed from The Wisdom Journal: http://www.thewisdomjournal.com/Blog
URL to article: http://www.thewisdomjournal.com/Blog/how-to-consolidate-your-retirement-accounts/
URLs in this post:
 Tweet: https://twitter.com/share
 please don’t cash them out!: http://www.thewisdomjournal.com/Blog/devastating-effect-cashing-out-your-401k/
 your preferred asset allocation: http://www.thewisdomjournal.com/Blog/sample-portfolios-according-to-your-risk-tolerance/
 401(k): http://www.thewisdomjournal.com/Blog/retirement-101-401k-retirement-plans/
 403(b): http://www.thewisdomjournal.com/Blog/retirement-101-403b-and-457b-retirement-plans-different-from-401k/
 tax advisor and/or a financial planner: http://www.thewisdomjournal.com/Blog/go/wiseradvisor.php
 Consolidate your retirement accounts into a Scottrade No Fee IRA Today! I did!: http://www.thewisdomjournal.com/Blog/go/scottrade.php
 maximum limits set by the IRS: http://www.irs.gov/publications/p590/
 Scottrade: http://www.thewisdomjournal.com/Blog/go/scottrade.php/
 E*trade: http://www.thewisdomjournal.com/Blog/go/etrade.php/
 TradeKing: http://www.thewisdomjournal.com/Blog/go/tradeking.php
 tradeMONSTER: http://www.thewisdomjournal.com/Blog/go/trademonster_information.php
 Zecco: http://www.thewisdomjournal.com/Blog/go/zecco_information.php
 optionsXpress: http://www.thewisdomjournal.com/Blog/go/optionsxpress.php
 optionshouse: http://www.thewisdomjournal.com/Blog/go/optionshouse.php
 The Wisdom Journal: http://www.thewisdomjournal.com/Blog/
 subscribe today: http://www.thewisdomjournal.com/Blog/welcome.php/
 Twitter: http://www.twitter.com/wisdomjournal/
 Facebook: http://www.facebook.com/pages/The-Wisdom-Journal/147054648679421
Copyright © 2008 The Wisdom Journal. Some rights reserved.