Resource Center

Expert Insights header
  Creating change since 1868. Learn more. You earned it. We'll grow it. Busey Wealth Management.
Expert Insights

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.

 

Back to Expert Insights

 

Investment Products and Services are:

Not FDIC Insured | May lose value | No bank guarantee

 

  • Rated 5-Star "Superior" by Bauer Financial
  • Busey Bank BBB Business Review
  • Certified Green Business by the Illinois Green Business Association
  • Norton Secured; powered by VeriSign
  • Website powered by Digital Insight
  • Surcharge-free access at any MoneyPass network ATM
  • Equal Housing Lender
  • Member FDIC

 

 

 

 

 

 

 

With five lines of business—personal, mortgage, commercial, cash management and wealth management—working together as One Busey, we can meet all your financial needs with confidence. Customers who partner with us are rewarded with the Busey Advantage—regional capabilities and local priorities. It's a commitment that has stood the test of time.

On the personal side, Busey Bank promises to make your banking hassle free with smart personal checking and savings accounts, convenient online banking and mobile banking solutions and consumer loans. Whether you are ready to buy your first home or simply want to refinance the one you currently own, our practical home mortgages, participation in a wide range of special loan programs and in-house mortgage expertise mean your home loan is tailored to your individual needs.

From opening your first business checking account or loan to creating a strong succession plan, Busey can help you manage your growing business. Our business banking, lending and cash management solutions give you the tools you need to keep your business successful and nimble. Our participation in a wide variety of specialized programs and in-house credit expertise allow us to tailor commercial lending packages to your unique situation and make faster credit decisions. Busey knows that cash flow is the lifeblood of a business—whether you need help with receivables, payables, liquidity, fraud protection or information reporting, we can customize your cash management solution to your growing business' needs.

You've earned it. We'll grow it. Busey Wealth Management provides asset management, investment and fiduciary services to individuals, businesses and foundations. We build a team of local professionals around your needs to establish the best strategy for your situation. We work closely with you to develop a personal, comprehensive plan that will help you meet your goals and objectives through each phase of the wealth management process.

Innovative Banking. Simplified.

It's your money, and you should be able to access your accounts whether you're out shopping or out of the country.

Busey makes it easy to securely manage your finances whenever you want, wherever you are.

Personal Banking Learn More »

First home. Or dream home.

There's no place like it.

Busey promises to find the home financing that's best for you - whether you're just starting out, tired of renting or purchasing your dream home.

Mortgage Learn More »

A top partner for your bottom line.

You've worked hard to realize your dream of opening a business.

Busey promises to partner with you so you don't have to handle difficult decisions alone.

Business Banking Learn More »

You earn it. We'll grow it.

After years of hard work, you want to see your efforts pay off - literally.

Busey promises to make your money work for you.

Wealth Management Learn More »

Our customers are our neighbors.

When it comes to navigating your unique financial journey, you want a partner who understands who you are, where you came from and where you are headed.

Busey promises expert advice to guide you through every important financial decision.

Resource Center Learn More »

Our roots run deep.

With roots that trace back more than 145 years, our professional farm managers are entrusted to care and maximize value for landowners controlling a combined 100,000+ acres of prime farmland in Illinois.

Ag Services Learn More »

A top partner for your bottom line.

You've worked hard to realize your dream of opening a business.

We'll build a relationship with you so you don't have to handle these difficult financial decisions alone.

 Learn More »

Your Dream. Our Promise.

You have big dreams.

Busey promises to help you realize those dreams.

The Busey Promise Learn More »

Fulfilling Dreams for 150 Years.

Join us as we celebrate our sesquicentennial.

busey150 Learn More »