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FAMILY FINANCES
AUGUST 1, 2019

Can I make my life easier by consolidating my retirement accounts?

Answered by
Debra Greenberg
Director, Retirement & Personal Wealth Solutions Bank of America
Managing multiple retirement accounts can involve a lot of paperwork and cause a lot of stress. In this video, Debra Greenberg, Director, Retirement and Personal Wealth Solutions at Bank of America, explains how consolidating your accounts can help save you time, help you keep track of beneficiaries and potentially reduce what you pay in fees.
Will consolidating my retirement accounts make things easier?
If you've held several jobs throughout your career, you may have more than one employer-sponsored retirement account.
Managing multiple accounts can take up a lot of your time, involve a lot of paperwork and cause a lot of stress.
But you've got options here, all of which may have advantages and disadvantages depending on your situation.
One option is to consolidate the assets in those accounts into your existing employer's retirement plan, if that's allowed. Doing that could save you time and help you track your progress toward your retirement goals.
Having fewer accounts can also make it easier for you to make beneficiary changes when new babies, divorces or remarriages enter the picture.
Consolidating the accounts into a traditional or Roth IRA would give you many of the same features.
At the same time, you've got other choices, too.
You might leave your accounts where they are, if that's what makes sense for you. Or you could take a distribution and potentially invest the assets. You might also pick a combination of these choices. Whatever you choose, be sure to weigh the pros and cons.
If you decide to reduce the number of your accounts, you can get started by contacting the plan administrator for each existing account.
And remember, some consolidations will have tax implications so always check with a tax advisor or financial professional before making any decisions.
Ready to get started?
Investing involves risk including possible loss of principal. Asset allocation, rebalancing and diversification do not ensure a profit or protect against loss in declining markets. Past performance is no guarantee of future results.

You have choices about what to do with your employer-sponsored retirement plan accounts. Depending on your financial circumstances, needs and goals, you may choose to roll over to an IRA or convert to a Roth IRA, roll over an employer-sponsored plan from your old job to your new employer, take a distribution, or leave the account where it is. Each choice may offer different investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment, and different types of protection from creditors and legal judgments. These are complex choices and should be considered with care. Visit our Rollover IRA page or call a Merrill rollover specialist at 888.637.3343 for more information about your choices.
Did you know that there are two ways to move assets from one IRA to another? The most common is a transfer. This is when you transfer assets from an IRA held at one financial institution to an IRA at another. You may directly transfer assets between investment firms as frequently as you wish. The second, less common approach is called a rollover. Rollovers occur when you withdraw assets from an IRA and then "roll" those assets back into the same IRA or into another one within 60 days. IRS rules limit you to one rollover per client per twelve-month period. If you have questions or want to learn more call 888-MER-EDGE or consult a tax advisor.

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of BofA Corp.

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Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.
Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, a registered investment adviser, Member Securities Investor Protection (SIPC) popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp").
Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Are Not Deposits Are Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking Service or Activity


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