Consolidating 401k plans
In fact, it may make it harder to see your holdings, and may actually conceal very similar investments in various accounts.Consolidation may make it easier to allocate assets according to your investment strategy.
You should consult with the plan administrator and a professional tax advisor before making any decisions regarding your retirement assets.These materials are intended to be educational in nature and do not establish a fiduciary relationship.Further, the information contained in this document should not be construed as an investment opinion or recommendation by Ameriprise Financial Services., Inc. Be sure you understand the potential benefits and risks of an IRA rollover before implementing.It also may allow your financial advisor to provide you with broader services and easily integrate your retirement accounts with a financial plan.Having money in multiple accounts with different funds does not necessarily make your portfolio more diversified.You may gain tax benefits by converting funds from employer-sponsored retirement plans such as a 401(k) into a Roth IRA.
Please verify with your plan administrator that your distribution is eligible for a rollover/conversion. It may be tempting to pull money out of your 401(k) to cover a financial gap.
Wells Fargo Advisors is a trade name used by WFCS and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. Wells Fargo Advisors is not a tax or legal advisor.
Discussions with Retirement Professionals may lead to a referral to affiliates including Wells Fargo Bank, N. WFCS and its associates may receive a financial or other benefit for this referral. Please consult with your tax and legal advisors to determine how this information may impact your own situation.
As with any decision that has tax implication, you should consult with your tax advisor prior to making your final decision.
Ameriprise Financial Services Inc., and its affiliates do not offer tax or legal advice.
Over time, you may even lose track of some older accounts.