Boulder City Magazine® October 2010 Issue
by Wendell Whitman
Consolidating Retirement Accounts Can Pay Off
Now that fall is here, squirrels gather nuts and put them together in one place. If you’re nearing retirement, you too may want to consolidate some of your assets, and in particular, your retirement accounts, as you prepare for a new era in your life.
Boulder City Magazine®
|If you have a variety of 401(k)s and IRAs with different providers, you can achieve some key advantages by consolidating these accounts.
For example, you’ll find it easier to develop a single, unified investment strategy if you have all your retirement accounts at one place, possibly under the guidance of a single financial advisor.
You might also be able to reduce some fees by consolidating your accounts. Also, you may find it easier to calculate the distributions you will be required to take from your 401(k)s and traditional IRAs once you reach the age of 70-1/2.
Consider consolidating your retirement accounts soon, it may pay off in many ways.
Should You Take “Early Retirement”?
Suppose your employer offered you a severance package to take a voluntary early retirement. Should you accept it?
You might be tempted to take the offer if you’re eager to move on to the next phase of your life. But you’ll need to consider several factors.
First, think about Social Security. You can start collecting benefits as early as 62, but if you wait until your “full” retirement age, which will probably be around 66, your monthly payments will be considerably larger.
Also, you’ll need to successfully manage the withdrawals from your retirement accounts, such as your IRA and 401(k). Furthermore, you may need to rebalance your investment portfolio to provide an adequate income stream for yourself.
Once you’ve considered all these factors, you’ll be able to make an informed choice as to whether you should accept that early buyout offer, and then your future awaits you.
Contact Wendell at Edward Jones www.edwardjones.com.
P.O. Box 61901
Boulder City, Nevada 89006
Phone (702) 294-1392 Fax (702) 294-1392
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