Join Early Retirement Today
Thread Tools Search this Thread Display Modes
How Many Rollover Accounts
Old 03-25-2016, 11:02 AM   #1
Full time employment: Posting here.
Join Date: Jun 2004
Location: E. Wash
Posts: 908
How Many Rollover Accounts

In an effort to simplify our holdings, I am considering consolidating IRA rollover accounts. DW and I both have two separate R/O accounts. For me, there is some after tax money in the oldest of the R/O accounts.
Fido rep says there is no real technical advantage to keep R/O separate once they are rollover (vs 401k). She did say if one was still at former employer as a 401k there might be some benefit from legal claims but not so once it is a rollover.
Consolidating the two R/O would allow me to have a much better awareness of our positions and would reduce the number of issues to view (like positions would be consolidated into one position for the one remaining R/O we each have). It is my intent to cut the number of positions (over 20) into no more than 10 each and possibly less.
While DW has interest in financial matters, interest in multiple position is not something she desires to be involved.
Comments/thoughts, please

nwsteve is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-25-2016, 11:16 AM   #2
Full time employment: Posting here.
Join Date: Jul 2014
Posts: 502
I'm somewhat mixed on the issue. I generally like to consolidate accounts so I don't have small ones hanging out, but I also like to have my money split between at least two different institutions. So if I had other investments at one organization, I might combine R/O accounts but at a different place.

Katiek is offline   Reply With Quote
Old 03-25-2016, 11:31 AM   #3
Thinks s/he gets paid by the post
Senator's Avatar
Join Date: Feb 2014
Location: Eagan, MN
Posts: 2,112
If you are going to convert any of the IRAs to a Roth, and they have after tax money in them, do it before you do the rollover.

Your after tax basis will be higher as a percentage and you will save on taxes.
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
Senator is offline   Reply With Quote
Old 03-25-2016, 11:45 AM   #4
Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,294
Yes, consolidation makes things easier, but tracking 2 x two accounts should not be that hard. The only advantage I can think of for an individual to have more than one is to get access to a specific investment. We have six rollover accounts and three 401k's that are pretty easy to track with Fido's Guided Portfolio Summary. This way I can use rollover accounts to buy CD's at the credit union to boost my fixed income return.
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Old 03-25-2016, 02:35 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 13,201
I would combine them. All mine are in one tIRA. In fact the tIRA held my deductible contributions and rollover of pre-tax 401ks from previous employers and when I left my last employer I just rolled it into that same tIRA, so I've never had multiple rollover accounts.
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
pb4uski is offline   Reply With Quote
Old 03-25-2016, 03:15 PM   #6
Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 3,805
I use two IRA's, both at the same place and basically interchangeable. I basically Roth convert out of one and recharacterize into the other. With two accounts I can let the recharacterizations sit for the required time delays in one account while still Roth converting from the other.

I have typically been Roth converting 15 or so times each year, mostly one fund per partial conversion, into its own separate Roth account. I try to convert at low share prices. At tax time I recharacterize the conversions where share prices have fallen and can therefore be converted more cheaply in the future. And of course to reduce the total tax burden to the desired target. The two tIRA's make all of that a little easier.

Animorph is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Roth Conversions in Fire-how many accounts?? BBQ-Nut FIRE and Money 14 07-18-2014 10:58 PM
Advice Needed--too many accounts? HomesteadDreamer FIRE and Money 2 12-31-2013 03:39 PM
Does anybody have a feeling they have too many online accounts? Mulligan Other topics 30 08-30-2011 01:56 PM
Many accounts with one bank? OffRoadAudio FIRE and Money 4 10-25-2006 07:13 PM
How many different accounts do you maintain? ladelfina FIRE and Money 33 01-13-2006 09:41 AM


All times are GMT -6. The time now is 11:31 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.