Business
The theme this week on the One Minute Retirement Tip podcast is How To Consolidate Old Investment Accounts If you’re in sales, you have no doubt heard the acronym ABC - Always Be Closing. I’d like to suggest a new ABC acronym for you as it relates to consolidating your investment accounts. Always Be Consolidating. Each time you change jobs, you should be rolling those old workplace retirement plans (like a 401k or a 403b) into your IRA account. That way, at most you’ll have your current workplace retirement plan at your current job, and all of your other investment accounts are with 1 financial institution. This will allow you to have just one or 2 accounts for each type of account all at the same place. For reasons I mentioned earlier in the week - ease of tracking performance and account balances, more reliable tax reporting, implementing a cohesive strategy, estate planning, and just reducing your own mental clutter - consolidating your investment accounts so that you don’t have 5 different Roth IRAs will allow you to get 1 or 2 statements each month...1 or 2 account logins, etc. As much as possible it’s a good idea to have as few accounts as possible, with as few financial institutions as possible. You may think it’s a headache to consolidate your old investment accounts, so in tomorrow’s episode, I’m going to share with you how to consolidate those accounts. You won’t want to miss it. It’s easier than you think, and you won’t have any more excuses about why you haven’t yet moved that old 401k to your IRA account. That’s it for today, Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. ---------- >>> Subscribe on iTunes: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Check out our blog: https://truenorthretirementadvisors.com/blog/ ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance