Consolidate Retirement Savings with an IRA
If you have retirement assets in more than one employer plan or IRA, think about consolidating this money with a single investment company to make your financial planning easier. You can combine money from IRAs and prior employers' retirement plans — such as 403(b), 401(k) or 457(b) supplemental plans — into a single IRA.*
Consolidating your retirement assets into an IRA can offer the following benefits:
- Streamlined investment planning: If you have retirement assets with different financial providers, it can be difficult to maintain a consistent, comprehensive investment strategy. Consolidating your assets with one financial provider can help you create a single, integrated allocation strategy that's in line with your investment goals, risk tolerance and time horizon.
- Simplified recordkeeping: If you consolidate your assets with a single financial services company, you will receive a single statement from one carrier instead of several statements from multiple carriers. This can make it easier to monitor your investments.
- Improved income option strategies: Some financial firms offer more options for receiving retirement income than other providers. Think about consolidating your assets with a company that offers a variety of income options — such as annuities and systematic withdrawals — so you can better tailor your income strategy to your needs.
- Reduced expenses: If you have multiple retirement plans, you're probably paying fees for each one of these plans. This can result in higher costs than if you have all your assets with a single provider. However, before consolidating assets with one company, make sure you fully understand all the fees, expenses and surrender charges that may apply.
Find out how to consolidate your retirement assets with a TIAA-CREF IRA.
* Before transferring assets or replacing an existing annuity, be sure to carefully consider the benefits of both the existing and new product. There will likely be differences in features, costs, surrender charges, services, company strength and other important aspects. There may also be tax consequences associated with certain kinds of transfers of assets. Indirect transfers may be subject to taxation and penalties. Consult with your own advisors regarding your particular situation.
Please keep in mind that there are risks associated with investing in securities, including loss of principal.
Insurance and annuity products issued by TIAA (Teachers Insurance and Annuity Association), New York, NY and TIAA-CREF Life Insurance Co., New York, NY. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.
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