Managing Held Away Assets: Investment Gaps & Overlaps
Managing Held Away Assets
By the age of 50, the average person will have 11.9 jobs. Along the way, you may collect smaller retirement plan accounts at your previous employers. However, as a group, these accounts may amount to one of your largest assets. Are you allowing these assets to go unmanaged?
Managing retirement assets across multiple accounts can be a challenge. Today’s workers frequently change jobs, leaving behind retirement plan accounts that may accumulate over time. These “held-away” accounts can become a significant asset, but managing them can become overwhelming with paperwork and complex investment choices. In addition, holding multiple accounts with overlapping funds can lead to more risk than intended, making it harder to track overall asset allocation.
Consolidating retirement accounts can simplify things and improve the efficiency of your financial plan. When accounts are managed together, your advisor can provide coordinated advice, helping to optimize risk and tax efficiency. This process also ensures that you make the most of employer contributions and Roth 401(k) options, and it helps to identify any costly plan fees. Coordinating accounts also improves wealth transfer by making it easier for beneficiaries to locate and manage assets.
Professional guidance can greatly enhance your retirement planning. Retirement accounts often make up a significant portion of your wealth, and ensuring they are properly managed can protect your future. Regular oversight from a professional can help minimize risk, maximize returns, and simplify tax-related decisions. Whether consolidating accounts or deciding on a rollover, professional advice brings clarity and direction to your financial goals.
Consolidating them under the watchful eye of a trusted financial guide just may be the answer. http://bit.ly/2LmJ1Fa
