Retirement Answer Man - Should I Consolidate My Accounts in Retirement?

Should I Consolidate My Accounts in Retirement?

11/15/23 • 33 min

1 Listener

If you have different retirement accounts at various brokerage firms, you may wonder whether you should consolidate them. One listener asked me that very question today. I’ll answer it along with several others–don’t miss the one about my finance book recommendations.

Are you curious about how you can improve your relationship in retirement? Then, make sure to listen to Mark Ross’s suggestions in the Bring It On segment. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[5:51] Should Greg and his wife consolidate their accounts?
[11:39] Using the Obsidian note-taking app
[13:42] Larry’s question on RMDs and down markets
[16:34] My recommendation on reading material for Sandy on money management
[19:41] What is a LIRP?

BRING IT ON WITH MARK ROSS

[22:12] The relationship pillar requires communication
[25:16] Have a retirement plan of record

TODAY’S SMART SPRINT SEGMENT

[30:07] Review these end-of-year housekeeping tips

Resources Mentioned In This Episode
BOOK - The Behavioral Investor by Daniel Crosby
BOOK - 48 Days to the Work You Love by Dan Miller
BOOK - Don’t Retire, Rewire by Jeri Sedlar
BOOK - Younger Next Year by Chris Crowley
BOOK - Stacked by Joe Saul-Sehy
BOOK - A Simple Plan to Wealth by J.L. Collins
BOOK - Winning the Loser’s Game by Charles Ellis
BOOk - The Retirement Income Guidebook by Wade Pfau
The Retirement Answer Man GoodReads group
Notion
Obsidian note-taking app
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

[5:51] Should Greg and his wife consolidate their accounts?
[11:39] Using the Obsidian note-taking app
[13:42] Larry’s question on RMDs and down markets
[16:34] My recommendation on reading material for Sandy on money management
[19:41] What is a LIRP?

BRING IT ON WITH MARK ROSS

[22:12] The relationship pillar requires communication
[25:16] Have a retirement plan of record

TODAY’S SMART SPRINT SEGMENT

[30:07] Review these end-of-year housekeeping tips

Previous Episode

How Should I Pay Taxes on My Roth Conversions?

“You do not rise to the level of your goals; you fall to the level of your systems.” James Clear

I’ve been focusing on building up my systems lately and today I’ll provide you with an example of what that looks like for me.

In addition, in this episode, you’ll hear several questions on how to optimize your tax burden. Then in the Bring It On segment, Kevin Lyles joins me to discuss the role of leisure in retirement.

Join me today to take a baby step to improve your life in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[2:19] Building systems

LISTENER QUESTIONS

[6:31] How to pay taxes for Roth Conversions
[14:44] On new rules for catch-up contributions
[17:07] Can Larry contribute to his wife’s HSA?
[19:26] The details on the taxes on selling a house

BRING IT ON

[22:46] The role of leisure in retirement
[25:06] The 6 categories of leisure

TODAY’S SMART SPRINT SEGMENT

[31:16] Look at your after-tax accounts and tally your realized capital gains

Resources Mentioned In This Episode
BOOK - Atomic Habits by James Clear
Sign up for the 6-Shot Saturday newsletter!
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Next Episode

My Retirement Planner Said No to a Report Request. What Should I Do?

What would you do if your retirement planner said no when you asked them for a report? I’ll address this question and many more on this episode of the Retirement Answer Man Show.

We’ll also discuss the two things you need to find happiness. Are you curious as to what they are? Listen in to find out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[2:13] Adding to my partial answer to a question in episode 512
[5:33] What to do when my advisor told me no to a report
[11:05] On switching plans in Medicare’s open enrollment
[14:41] What training someone should pursue to improve their financial education
[18:10] The issues that come with trying to die with zero
[21:03] Rules when you return to work
[23:22] On securing long-term care insurance
[25:51] Are the rules different for 457B accounts?

BRING IT ON