Consolidating multiple 401k accounts Granny phone chat cam chat

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Once you leave the second job, that 401(k) gets rolled over into its own IRA, and now you have three IRAs.Sometimes multiple IRAs develop based on the various incentives that are offered by individual IRA account managers, similar to the reasons why people often maintain savings and checking accounts with multiple banks.Other times, it can make your life more complicated, and you may want to merge some or all of the accounts into a single large account, where you can better keep track of your retirement investments.Generally speaking, it’s easy to merge retirement plans, and to do so without incurring penalties.

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The right choice will depend on your specific financial situation and what you want to do with your money.

But proceed with caution: Not all financial advisors are created equally! This means they don't get commissions or kickbacks from other companies, and won't sell you any products.

You also want to make sure the advisor you work with is a fiduciary.

If they won't sign a fiduciary oath on your behalf, keep looking.

XY Planning Network and NAPFA are both professional organizations of financial planners.

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