The Importance of Merging Retirement Accounts
Whether its procrastination or a simple misunderstanding of the final consequences of leaving retirement accounts stranded, individuals approaching their retirement years need to take steps to take maximize the value of the savings they’ve accumulated along the way. A recent Boston Research Technologies study reveals that more than half of the Baby Boomers surveyed do not take their tax-advantaged plans with them when they change jobs, leaving them to reside in the investment programs where they originated. The downside of having multiple plans is redundant administrative costs and the loss of investment earnings on these costs.
An article by Spencer Williams posted on Market Watch discusses this and other observations resulting from this study, and delves into some of the mechanics and benefits of the account consolidation process. Read the article here…
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