While there are no limits to the number of retirement accounts or IRAs you can have, there are some real benefits to consolidating these separate accounts into one:
- Some of your old retirement accounts may have higher fees
- It is less maintenance and paperwork to have all your funds in one account
- It is easier to manage your investments
- Consolidating your assets makes it much easier to track for estate planning and beneficiaries
The most important thing to avoid is just cashing out! Not only does cashing out come with large tax penalties that may cost you up to 50% of your account balance, but you’ll also miss out on future earnings from compound interest.
For instructions on how to rollover your account: How do I roll another retirement account into my account with Jocelyn Pension Consulting