There is no law against having more than one retirement account. But it is possible to take this too far—and get yourself a headache down the road. Instead, we’d like to suggest some IRA strategies and tactics that may help.
One person we know is dealing with Required Minimum Distributions (or RMDs) on four accounts in different institutions. Another, recently widowed, is faced with seven sets of IRA beneficiary claim forms in order to consolidate things. And many others have to struggle to understand the overall situation because information about different accounts comes in different forms at different times.
We help by consolidating smaller accounts in various locations into a larger, central account where total values are reported each month and are available online any time. RMDs, beneficiary claims, and other administrative tasks only need to be handled one time instead of many times.
There may be an edge, too, in having an intentional investment strategy that guides all tactical decisions, based on sound principles. In our diversified portfolios, we are able to select the precise source of funds when needed from among dozens of holdings. And we know which options are at the top of our list whenever new money becomes available to invest.
We believe this is a superior approach than just putting money in or taking it out of “the market,” although we can offer no guarantees.
And none of this is to mention that the quality of our advice and perspective might be improved when we’re able to understand all the pieces of the puzzle.
At the end of the day, organizing our abundance is a pretty wonderful problem to have. Wealth seems to be more useful when we understand its meaning, what it can do for us in our real lives. So if you would like to visit about this or anything else, please email us or call.
Want content like this in your inbox each week? Leave your email here.
Play the audio version of this post below:
You must be logged in to post a comment.