Consolidating Your Retirement Accounts
If you’ve had more than one employer in your life, chances are that you have more than one retirement account. Combining your eligible retirement accounts into one account may make managing your money and planning for retirement easier.
Consolidate and simplify
Consolidating your accounts may seem like a big hassle, but we’ve been helping participants do it for a long time. We’ve figured out how to keep the consolidation process as simple as possible.
You may benefit when you consolidate your assets with Nationwide because of:
- The convenience of working with a single plan provider
- Simplified paperwork
- Fewer annual account fees
- Help from Education Consultants now and after you retire
As you consider combining assets into your retirement account, bear in mind that qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59½. Neither Nationwide nor any of its representatives give legal or tax advice. Please contact your legal or tax advisor for such advice.
Keep track of your money
When you move from job to job, it’s easy to lose track of your previous retirement accounts, especially if former employers change names, are bought out or go under completely.
In fact, according to Peter E. Preovolos, President and CEO of PenChecks, Inc., PenChecks currently has records of almost $151 million of unclaimed retirement benefits for over 58 million missing participant accounts.1 PenChecks is one of the largest private processor of retirement distributions in the country.
Get the help you need
Talk with one of our Education Consultants for more information.
1Millions of Dollars Available in Unclaimed Retirement Benefits, http://www.prlog.org/10230235-millions-of-dollars-available-in-unclaimed-retirement-benefits.html, May 5, 2009