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Consolidating Assets in Retirement

Our clients look to us to help them prepare for the retirement phase of their lives. Changing your mindset from accumulating assets throughout a career to making distributions, while meeting retirement income goals, can be challenging. Considering the following tips can help ensure your retirement savings are distributed as efficiently as possible.

Consolidating assets with one firm may be one of the most efficient ways to simplify retirement distributions. Consolidation not only streamlines your financial situation, but provides for greater control over your assets. With only one set of statements and fewer tax forms, you will be better equipped to take required minimum distributions and monitor your overall portfolio. When you retire, you may have multiple employer retirement plans (401k/403b), along with IRAs and investment accounts at multiple firms. Without simplifying your situation, it may be difficult to ensure that your accounts are in line with your investment strategy and the optimum balance of risk and return.

Consolidating employer plans by rolling them over to the appropriate account type, typically an IRA, gives you complete control over your assets and distribution options. Employer plans are great accumulation vehicles, but may not be very efficient for distributions due to very limited investment selections and rigid distribution options. These plans may limit distributions, and restrict the assets you can sell to generate cash for a distribution. If the company is going through any changes, your assets could be locked up for a period of time. Since all plans are structured differently, it is important to know the options available to you. Rolling over these accounts allows you to continue receiving the same tax benefits with more investment options and the flexibility required in retirement.

Most importantly, consolidation allows you to implement one investment strategy. With all of your accounts in one portfolio, your advisor can ensure you have the right mix of stocks, bonds, and diversifying asset classes. Periodic rebalancing will allow for better portfolio decisions to ensure proper diversification and help you avoid duplicate types of investments. As your situation changes and markets fluctuate, it is much easier to manage risk if all your holdings are in one convenient location.

Talk to your Busey Wealth Management Advisor today to find out how streamlining your overall portfolio in retirement can help you assure your desired outcome.


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