Consolidating retirement accounts makes retirement planning simpler, smarter and less costly
With multiple retirement accounts at various institutions, you have to manage each of them toward one common goal: Ensuring your retirement income lasts the rest of your life. Consolidating retirement accounts into your Equitable 403(b) plan via a rollover makes retirement planning much simpler and makes it easier to retire smart.
For example, with one consolidated statement, you can spot redundancies and overlaps in your retirement account holdings. And with fewer retirement accounts to manage, consolidated account makes it easier to work with an advisor.
Rollover retirement accounts to reduce fees
The more accounts you have, the more fees you'll likely pay. Whether it’s a custodial fee, a transaction fee or different types of management fees, multiple accounts often mean more fees.
And it’s not just the dollar amount of the fees that you’re losing. You’re also losing the return those dollars could be generating if they stayed in your account.
When you consolidate retirement accounts into your Equitable 403(b) plan, you’re likely to make fewer transactions, have only one custodial fee (a requirement for IRA accounts) and one management fee. Depending on the size of your account, you may even have some fees waived.
Retire smart for more time with friends and family
There’s no real advantage to keeping your retirement savings in multiple IRA, 401k, and 403(b) accounts. You can make the same decisions and have the same flexibility when you rollover your other IRA accounts into your Equitable 403(b) plan.
And all that time you don’t spend managing multiple retirement accounts can be spent doing other things that make you happy.
Rollover IRAs to reduce email and mailbox clutter, and avoid penalties
Multiple retirement accounts generate multiple account statements, notices, confirmations and more. A single retirement account greatly reduces the volume of these communications and the time it takes to make your way through them all.
Less volume can also help you avoid penalties. When you reach age 70.5, the IRS requires you to take minimum distributions from your IRA accounts.
If you have multiple IRA accounts, you’ll get notifications each year from all of them. It can be easy to miss one, and if you fail to take a required distribution, the penalty is 50% of the amount you should have taken. That could be a hefty penalty!
Consolidating retirement accounts is easier on your loved ones
When you die, you may still have assets that your beneficiaries will inherit. The process of finding those assets and figuring out who they should be distributed to can be complicated and stressful if they’re in different retirement accounts.
Equitable’s team of rollover experts can help you consolidate third-party retirement accounts into your Equitable 403(b) plan and outline how to best allocate your assets so you can retire smart.