Benefits consolidating ira

by  |  07-Nov-2019 03:05

If you have savings in an employer-sponsored retirement plan like a pension, 401(k) or 403(b) plan, you have an important decision to make when you change jobs, retire or otherwise become eligible to withdraw money from the plan, including: Determining which accounts to consolidate and handling retirement plan distributions can be complex and requires careful thought and additional advice from your tax and legal advisors.

As with any decision that has tax implication, you should consult with your tax advisor prior to making your final decision.

Ameriprise Financial Services Inc., and its affiliates do not offer tax or legal advice.

As of July 1, 2012, 401K administrators are now required to disclose all fees and the result should be eye opening for everyone. Fees can be as high as 1.9% of assets annually but average about 1.3% for plans with fewer than 100 members, which account for 88% of plans Check out my post with a list of online brokers for a complete list of IRA fees.

My personal faves for low costs are Vanguard and Ally Invest.

It also may allow your financial advisor to provide you with broader services and easily integrate your retirement accounts with a financial plan.

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