{"id":18267,"date":"2025-06-02T13:08:26","date_gmt":"2025-06-02T17:08:26","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/?p=18267"},"modified":"2026-05-15T15:09:00","modified_gmt":"2026-05-15T19:09:00","slug":"streamline-your-savings-the-strategic-benefits-of-consolidating-retirement-accounts","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/streamline-your-savings-the-strategic-benefits-of-consolidating-retirement-accounts","title":{"rendered":"Streamline your savings: The strategic benefits of consolidating retirement accounts"},"content":{"rendered":"\n<p>According to the U.S. Bureau of Labor Statistics, the average American stays at a job for less than four years and holds around 12 jobs in their lifetime. So it\u2019s not surprising that American workers often accumulate several retirement accounts from their various employers, as well.<\/p>\n\n\n\n<p>But having multiple retirement accounts can make it challenging to effectively manage your retirement savings. Consolidating these accounts can provide a clearer picture of your financial situation and simplify <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/a-comfortable-retirement-starts-with-a-personal-income-plan\">retirement income planning<\/a>.&nbsp;<\/p>\n\n\n\n<p>Learn the strategic benefits of consolidating retirement accounts, and how to navigate the process.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-value-of-account-consolidation-in-retirement-planning\">The value of account consolidation in retirement planning<\/h2>\n\n\n\n<p>As you near retirement age, it\u2019s important to look at all your available sources of income that will fund your expenses in retirement. When you have money spread across retirement accounts in different employer-sponsored plans and financial institutions, it can be difficult to keep track of how much you&#8217;ve saved. It&#8217;s also harder to create a plan for using those funds after you&#8217;ve left the workforce.<\/p>\n\n\n\n<p>Combining all your savings in one place can give you a clearer understanding of your overall financial situation and allows your trusted financial advisor to develop a more robust plan to help you live the way you want in retirement.<\/p>\n\n\n\n<p>For those hesitant about retirement account consolidation, Tracy Hanson, director of Retirement Solutions at RBC Wealth Management\u2013U.S., cautions against falling for the diversification myth.<\/p>\n\n\n\n<p>\u201cPeople say, &#8216;I&#8217;m diversified because I have my money in various places&#8217;\u2014the reality is, diversification comes from how that money is invested in different types of asset classes and investment products,\u201d she says. \u201cYou can do that all with one financial institution, because your financial advisor will have access to all these different investment options that help you create a <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/preparing-for-retirement-strategies-for-safeguarding-your-portfolio-against-common-risks\">diversified portfolio<\/a>.&#8221;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-benefits-of-consolidating-your-retirement-accounts\"><strong>Key benefits of consolidating your retirement accounts<\/strong><\/h2>\n\n\n\n<p>A clearer view of your financial picture and more comprehensive retirement planning are just two of the reasons you may want to consolidate your retirement savings. Other potential advantages include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Reduced fees<\/strong>: Generally, the more assets you have with one financial institution, the more opportunities you may have for reducing or eliminating account fees and lowering investing expenses. By combining accounts, you may be able to qualify for lower fees or eliminate certain account maintenance charges.<\/li>\n\n\n\n<li><strong>Streamlined record keeping: <\/strong>Fewer accounts to manage means fewer monthly statements and fewer forms at tax time. It could also mean fewer account numbers and passwords to track.<\/li>\n\n\n\n<li><strong>Simplified required minimum distributions (RMDs):<\/strong> Once you reach age 73 (or 75 if you were born in or after 1960), you must <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/five-strategies-for-taking-your-required-minimum-distributions\">begin taking RMDs<\/a> from most retirement accounts. Consolidating can reduce the number of distributions you have to take, which lessens the risk of miscalculating or missing a required distribution.<\/li>\n\n\n\n<li><strong>Easier beneficiary management:<\/strong> Combining accounts makes it easier to see that your beneficiary designations are up-to-date and consistent across all your retirement savings. It also makes things simpler for your beneficiaries to manage when it comes time for them to inherit the assets.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-consolidate-methods-and-considerations\"><strong>How to consolidate: Methods and considerations<\/strong><\/h2>\n\n\n\n<p>There are several ways to consolidate your retirement accounts, each with its own unique features and implications. Some common options include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>A transfer: <\/strong>This common consolidation method involves moving money between accounts of the same type at different institutions. For example, you can transfer a Roth IRA from one institution to another. A benefit of this approach is that no taxes are withheld from your transfer amount.&nbsp;<\/li>\n\n\n\n<li><strong>A rollover: <\/strong>This option involves moving funds from one type of retirement account to another, such as from a 401(k) to a traditional IRA. There are two types of rollovers: direct and indirect. With a <strong>direct rollover<\/strong>, your employer or plan administrator moves the funds directly from one institution to another, minimizing the risk of tax penalties. An <strong>indirect rollover<\/strong> involves your employer or plan administrator sending the funds to you after deducting 20 percent for federal income tax.\u00a0You then have 60 days to deposit the full original balance\u2014including replacing the 20 percent withheld\u2014into a new retirement account to avoid taxes and potential penalties.<\/li>\n\n\n\n<li><strong>A Roth IRA conversion: <\/strong>This involves\u00a0converting pre-tax retirement accounts to a Roth IRA, allowing for tax-free withdrawals in retirement. However, you must pay taxes on the converted amount at the time of the conversion.\u00a0<\/li>\n<\/ul>\n\n\n\n<p>With employer-sponsored retirement accounts, you also have the option to leave your retirement assets in your former employer\u2019s plan or to withdraw the assets as a lump sum distribution.<\/p>\n\n\n\n<p>It&#8217;s important that you include your financial advisor and tax professional in this process to avoid mistakes and potential penalties.<\/p>\n\n\n\n<p>&#8220;All roads point back to that trusted financial advisor,\u201d says Hanson. &#8220;If you and your advisor conclude that consolidation is appropriate, they will initiate the transfer and guide you through the whole process.&#8221;<\/p>\n\n\n\n<p>By working closely together, you can determine which method best aligns with your unique financial situation and retirement goals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-navigating-irs-rules-and-limitations\"><strong>Navigating IRS rules and limitations<\/strong><\/h2>\n\n\n\n<p>While there are many benefits to consolidation, it may not be the right option for everyone. The IRS has rules for which&nbsp;accounts can and can&#8217;t be rolled together. Here are several restrictions to keep in mind:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Not all accounts are compatible:<\/strong> Because of different tax treatments and IRS regulations, certain retirement accounts cannot be combined. This can affect the tax efficiency and potential savings of consolidation strategies.<\/li>\n\n\n\n<li><strong>You can make only one IRA rollover per year:<\/strong> This is the rule, no matter how many accounts you have. That means careful timing is essential to maximize the benefits of rollovers while adhering to tax regulations.<\/li>\n\n\n\n<li><strong>You cannot roll over an RMD from your IRA:<\/strong> This restriction ensures that you use your retirement savings during retirement, rather than accumulating indefinitely with tax advantages.<\/li>\n\n\n\n<li><strong>Spouses can&#8217;t combine retirement accounts:<\/strong> Each spouse\u2019s retirement account remains separate, since they made contributions to their accounts individually through their employers.<\/li>\n\n\n\n<li><strong>Rule of 55 and potential tax consequences:<\/strong> If you leave your job the year you turn 55 or later, you may take withdrawals from your current 401(k) or 403(b) without the usual 10 percent early withdrawal penalty. However, this does not apply to IRAs or plans from previous employers.<\/li>\n<\/ul>\n\n\n\n<p>Your financial advisor can review your accounts and their associated fees and investment selections to help determine where consolidation makes sense, as well as the best way to do so.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-retirement-income-planning-is-an-ongoing-process\">Retirement income planning is an ongoing process<\/h2>\n\n\n\n<p>Combining your retirement accounts is only the start. It\u2019s important to regularly review how you\u2019ve allocated your savings across different types of investments to help ensure your approach reflects your long-term goals, accounts for potential tax implications and keeps you on track for the retirement you envision.<\/p>\n\n\n\n<section class=\"wp-block-rbcwm-rbc-block rbc-block rbc-block-well rbc-block-small rbc-block-grey rbc-mid-page-cta has-block-grey-background-color has-background\"><div class=\"\"><div class=\"row \"><div class=\"col-lg-12\">\n<h4 class=\"wp-block-heading cta-title\" id=\"h-see-your-complete-financial-picture\">See your complete financial picture<\/h4>\n\n\n\n<p class=\"cta-content\">With RBC Total Wealth, you can easily connect your external accounts for a clear, comprehensive view of your finances.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--50)\">\n<a class=\"wp-block-button rbc-button-no-icon rbc-mid-page-button is-style-secondary rbc-button rbc-button-secondary\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/take-a-tour\/plan\">GET STARTED<\/a>\n<\/div>\n<\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>Having your accounts in one place can be helpful as you develop an income strategy for when you leave the workforce.<\/p>\n","protected":false},"author":22,"featured_media":18272,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[89],"tags":[54,53,164],"rbcwm_content_owner":[],"rbcwm_need":[463],"rbcwm_segment":[460],"rbcwm_solution":[465],"rbcwm_topic":[464],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-18267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","tag-retirement","tag-retirement-planning","tag-wealth-planning","rbcwm_need-protect","rbcwm_segment-individuals-and-families","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Having your accounts in one place can be helpful as you develop an income strategy for when you leave the workforce.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":"Neither RBC Wealth Management, a division of RBC Capital Markets, LLC (\u201cRBC WM\u201d), nor its affiliates or employees provide legal, accounting or tax advice. All legal, accounting or tax decisions regarding your accounts and any transactions or investments entered into in relation to such accounts, should be made in consultation with your independent advisors. No information, including but not limited to written materials, provided by RBC WM or its affiliates or employees should be construed as legal, accounting or tax advice."},"rbcwm_insight_cta_id":[8484],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Streamline your savings: The strategic benefits of consolidating retirement accounts<\/title>\n<meta name=\"description\" content=\"Having your accounts in one place can be helpful as you develop an income strategy for when you leave the workforce.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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