Too many retirement accounts, too little time?


A couple having a walkIf you’ve worked for a number of years, you likely have accumulated retirement accounts at several institutions. Many people hold several jobs over their careers, and end up with retirement accounts, including 401(k)s and 403(b)s, scattered among different providers. “Rolling over” or consolidating your retirement accounts into an Individual Retirement Account (IRA) can help you simplify and make more informed decisions about your retirement planning.

What can retirement account consolidation do for you?

There are good reasons to consolidate your retirement accounts into a single IRA, whether you’re nearing retirement or still working and saving.

When you consolidate, or roll over, one or more retirement accounts, you move assets into an IRA. Note that many types of retirement accounts, not just workplace plans, can be rolled over into an IRA. Advantages of an IRA rollover include:

Other options for your retirement savings

Note that rolling over to an IRA isn’t your only choice for your retirement savings. If you’re nearing retirement and taking stock of your accounts, or have just left a job and have retirement assets still there, you generally have four options:

For more information, see Making a Change With Retirement Funds? Think Carefully

Seeking advice for help with retirement accounts

Is consolidation right for you? If so, what are the right steps to start the rollover, and how should you invest your retirement savings within an IRA? You don’t have to figure it out alone. A TIAA-CREF advisor can help you make the best decision for your situation and walk you through the steps you should take.

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There are benefits to an IRA rollover.

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