If you find yourself overwhelmed by the number of accounts you have to manage — from retirement and investment accounts to bank accounts and trusts — you’re not alone. It’s all too easy to lose track of them all. Consolidating 401(k)s and other retirement accounts can simplify your financial situation, and just like a good spring cleaning, it offers the satisfaction of a fresh start.

In recent weeks, the Capstone team has been diligently assisting clients with rollovers and consolidations.

Over the years, it’s common to accumulate several retirement accounts in different places, including 401(k) plans from previous employers and various financial institutions. When transitioning from one job to another, the decision of whether to leave your retirement contributions in your old 401(k) or roll them over into your new employer’s plan or an IRA can be daunting. The good news is that you have flexibility in timing this decision. You can take action immediately upon leaving a job, or you can delay it.

On the other hand, just because you’re leaving your job doesn’t mean you have to walk away from your employer’s retirement plan. There may be advantages to leaving money in your old employer’s plan.

Recently, a Capstone client started a new job and was unsure about what to do with her retirement account. We provided guidance, helped her evaluate her options, and then facilitated the process of rolling her previous retirement account into her new employer’s SIMPLE plan.

Additionally, we assisted a client who was concerned about the performance of his 401(k) account with an outside financial institution. Upon reviewing the account, we identified that he had taken on too much risk, resulting in significant losses. We made adjustments to better align with his time horizon and risk tolerance.

Consolidation: Simplifying Accounts Under One Roof

Consolidating your financial accounts can streamline money management, making it simpler, faster, and easier, particularly if you’ve experienced account proliferation over the years. By reducing the number of accounts and financial providers, you can gain better control over your finances with less effort and room for error. Some advantages of consolidation include:

-Lower administrative fees.

-View your portfolio holistically.

-Monitor investments in one place.

-Add more clarity to your retirement picture.

-Prepare your taxes more easily.

-Make estate planning and management more straightforward

Let’s Take a Closer Look

If you have a 401(k) or another account with an outside provider, Capstone can review its performance and assist you in making adjustments. We’ll explore various options, assess risk, and provide recommendations on current or new funds and allocation adjustments. Rest assured, the process is straightforward and painless. We can even conduct reviews over the phone or via Zoom. We do these reviews often and enjoy the satisfaction of helping clients find clarity and enhance their overall financial well-being.

Saving for the future shouldn’t feel like work. If you’re ready to move on your IRA rollover or account consolidation, we’re here to assist you every step of the way. Contact us today to get started.