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The average 55-year-old has 5-8 retirement accounts from different employers. Consolidating saves fees, simplifies RMDs, and gives you a clear picture.
5-8
Avg Retirement Accounts
From different employers
$1.65T
Forgotten 401(k)s
Left behind nationally
$500-$2K/yr
Fee Savings
By eliminating high-fee plans
Account Types
| Feature | Action | Benefit |
|---|---|---|
| Old 401(k)s → Rollover IRA | Direct rollover (tax-free) | Better fund choices, lower fees |
| Multiple IRAs → One IRA | Transfer between brokerages | Simpler RMD calculation |
| Multiple Bank Accounts → 1-2 | Close unused accounts | Less tracking, higher balance for perks |
| Taxable Accounts → One Brokerage | ACAT transfer (tax-free) | Single dashboard, easier rebalancing |
| HSAs from Old Employers | Transfer to Fidelity HSA | Better investment options, no fees |
Inventory All Accounts
List every retirement, savings, brokerage, and HSA account. Include forgotten 401(k)s.
Choose Your 'Hub' Brokerage
Fidelity, Schwab, or Vanguard. One place for everything.
Initiate Direct Rollovers
ALWAYS direct rollover (trustee-to-trustee). Never take a check — avoids 20% withholding.
Transfer Taxable Accounts (ACAT)
In-kind transfer moves investments without selling. No tax event.
Close Empty Accounts
Once transfers complete, close old accounts to avoid maintenance fees.
Don't Rollover to IRA If...
Inventory & Decide
List all accounts. Choose destination brokerage.
Initiate Transfers
Call old providers or initiate online. Direct rollover paperwork.
Transfers Complete
Most rollovers take 2-4 weeks. ACAT transfers take 5-7 business days.
Reallocate & Simplify
Consolidate into target allocation. Set up new beneficiaries.
Key Takeaways