Consolidating Your Retirement Accounts

If you’ve had more than one employer in your life, chances are you have more than one retirement account. Combining your eligible retirement accounts, including Traditional IRAs, into one account may make managing your money and planning for retirement easier.

Consolidate and simplify

Consolidating your accounts may seem like a hassle, but we’ve been helping participants do it for a long time. We’ve figured out how to keep the consolidation process as simple as possible.

You may benefit when you consolidate your assets because of:

  • The convenience of working with a single plan provider
  • Simplified paperwork
  • Fewer annual account fees
  • Help from Team MSRP Retirement Specialists now and after you retire

As you consider combining assets into your retirement account, bear in mind that qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your outside account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59½. Team MSRP Retirement Specialists do not give legal or tax advice. Please contact your legal or tax advisor for such advice.

Keep track of your money

When you move from job to job, it’s easy to lose track of your previous retirement accounts, especially if former employers change names, are bought out or cease to operate.

According to Peter E. Preovolos, President and CEO of PenChecks, Inc., PenChecks currently has records of almost $151 million of unclaimed retirement benefits for over 58 million missing participant accounts.1 PenChecks is one of the largest private processor of retirement distributions in the country. This is why it is important to keep track of what you have put away for your retirement.

Get the help you need

Consider bringing assets from outside accounts into your MSRP account. Talk to one of our Team MSRP Retirement Specialists today.

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