This week’s theme on the Retirement Quick Tips Podcast is: 10 Things You Must Do Before Retirement - Part 2

Today, I’m talking about the importance of consolidating and simplifying your assets. 

[Why retirement is an ideal time to do this]

Motivating factor for many new clients to work with me. They want to have a strategy and a plan before they retire, they want their assets in one place, and they want someone to manage everything for them so they don’t have to worry about it. 

What to consolidate 

• Investment accounts at different financial institutions 

• No need to diversify in this way (SIPC + additional coverage) 

• Makes things much easier to track - everything from understanding your entire portfolio performance, to getting monthly statements & annual tax filings is simple and streamlined

• Old 401ks and other workplace retirement plans - then once you retire, you can rollover your current 401k or workplace retirement plan into an IRA account and have everything in one place. 

• It’s not time consuming. It usually takes just about 2-4 weeks from start to finish to get everything in one place, and usually you’re not the one doing the legwork - you can accomplish it by signing a few forms. The financial institution you’re consolidating assets with takes care of the rest

• You also may decide that you don't want the headaches of owning other assets like real estate - many people start divesting some assets accumulated in working years, but decide they no longer want the headaches associated with being a landlord, or owning more than one home, etc. 

Lastly, looking more long-term its much easier for your spouse and your heirs to deal with your estate when you have assets consolidated in one place when you pass away. The complications of having a bunch of different assets scattered about creates stress and confusion in an already stressful time for your family. So do yourself a favor now, and your family a favor down the road but consolidating and simplifying your assets before you retire.

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance