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 

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Investment accounts at different financial institutions 

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

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

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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. 

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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

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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

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Consolidating and simplifying assets is a key strategy for achieving financial stability and peace of mind. It involves organizing, combining, and streamlining your various financial holdings and investments to make them easier to manage and monitor. By consolidating and simplifying your assets, you can reduce fees, minimize paperwork, and gain a clearer understanding of your overall financial picture.

One of the first steps in consolidating and simplifying assets is to take stock of all your holdings. This includes bank accounts, retirement accounts, investment accounts, real estate properties, and any other assets you may have. Once you have a comprehensive list of your assets, you can begin to evaluate which ones are essential and which ones can be liquidated or consolidated.

Consolidating assets often involves transferring money from multiple accounts into one central account. This can help you avoid paying unnecessary fees on multiple accounts and streamline the management of your finances. It also allows you to easily track your investments, monitor your progress towards financial goals, and make informed decisions about your money.

Another way to simplify your assets is to reduce the number of investment accounts you have. Instead of juggling multiple brokerage accounts, consider consolidating them into one or two accounts that offer a diverse range of investment options. This can help you avoid duplicating investments, reduce paperwork, and streamline the process of managing your investments.

Consolidating and simplifying assets also means reviewing your real estate holdings and considering whether it makes sense to sell or downsize any properties. By reducing the number of properties you own, you can free up capital for other investments, reduce maintenance costs, and simplify your overall financial portfolio.

In addition to consolidating assets, it’s important to regularly review and rebalance your investments to ensure they align with your financial goals and risk tolerance. By periodically reassessing your asset allocation and making adjustments as needed, you can maintain a well-diversified portfolio that is optimized for long-term growth.

Consolidating and simplifying assets may require some effort upfront, but the benefits far outweigh the initial inconvenience. By streamlining your finances, you can reduce stress, save time, and gain a greater sense of control over your financial future. Whether you choose to consolidate accounts, liquidate assets, or downsize properties, the key is to create a financial plan that works for you and helps you achieve your long-term financial goals.