Consolidate Retirement Savings With an IRA

If you have retirement assets with more than one employer or in multiple IRAs, think about consolidating this money with a single financial company to make your planning easier. You can combine money from IRAs and from prior employers' retirement plans — such as 403(b), 401(k) or 457(b) supplemental plans — into a single IRA.*

Consolidating your retirement assets into an IRA can offer the following benefits:

Streamlined investment planning: If you have retirement assets with different financial providers, maintaining a comprehensive planning strategy can be difficult. Consolidating your assets can help you create a single, integrated allocation strategy that's in line with your investment goals, risk tolerance and time horizon.
Simplified recordkeeping: If you consolidate your assets with one financial services company, every quarter you will receive a single statement from one carrier instead of several statements from multiple carriers. This can make it easier to monitor your investments.
Improved income option strategies: Some financial firms offer more options for receiving retirement income than other providers. Consolidate with a company that offers a variety of income options — such as annuities and systematic withdrawals — so you can better tailor your income strategy to your needs.
Reduced expenses: If you have multiple retirement plans, you're probably paying fees for each of them. This can result in higher costs than if your assets are with a single provider. However, before consolidating assets with one company, make sure you fully understand all the fees, expenses and surrender charges that may apply.

Find out how to consolidate your retirement assets with a TIAA-CREF IRA.

Before transferring assets or replacing an existing annuity, be sure to carefully consider the benefits of both the existing and new product. There will likely be differences in features, costs, surrender charges, services, company strength and other important aspects. There may also be tax consequences associated with certain kinds of transfers of assets. Indirect transfers may be subject to taxation and penalties. Consult with your own advisors regarding your particular situation.

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