Consolidating multiple iras

08-Jun-2017 17:38

Simply put, you’ll have more investment choices if you consolidate your multiple retirement accounts into a single self-directed IRA.Furthermore, if some of your retirement accounts are 401(k)s that you have left at prior employers, rolling these over into your self-directed IRA can open up a new world of investment opportunity.You can even issue mortgages to real estate buyers or investors.Those types of investments often require a higher account balance compared to what you would need to purchase stocks or bonds.What happens when you or your client inherits more than one IRA? Do you have to take required minimum distributions (RMDs) from each account separately or can the distributions be aggregated?

Remember that the IRS annual contribution limit regarding IRAs is an overall amount, not a per-account maximum.In that case, you can move the inherited employer plan funds (401(k), 403(b), etc.) into an existing IRA inherited from the same person.You also cannot take RMDs for one type of inherited account from another type of inherited account.It is all too easy to lose an inherited retirement account because of a simple mistake.

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Beneficiaries should consider consulting with an expert in this area in order to preserve their inheritance for as long as possible.

Even with just four or five separate accounts, you’re going to have to spend a lot of time managing all the paperwork and statements that those various accounts produce.