How to Handle Having Many 401k, IRA, and Other Bank Accounts

You can easily find yourself swimming in accounts between old jobs (401k, 403b and 457), individual accounts (IRAs and bank accounts) and then double that from your partner as well. It’s enough to throw up your hands, put your head in the sand and just forget about it. That’s not really all bad (honestly), but also consider the following.Feeling more Organized: By transferring your old 401k accounts into a Rollover IRA, you might feel better about your financial organization. Feeling better is great!Portfolio: You may not be invested in a way that makes the most sense for your current life. It can be hard to coordinate across so many accounts.Check on Fees: Some old 401k accounts have pretty “bad” choices inside of them. Definitely check on the fees of funds inside your account. If there are no great choices, you might want to transfer the balance to an IRA.Careful of “Clean” Back Door Roth: If you end up with a larger balance in your Rollover IRA, that could have an impact on Roth conversions, so be aware of the larger plan before implementing.You can consolidate accounts by transferring 401k accounts to a Rollover IRA to help simplify. I recommend doing a trustee-to-trustee (direct) transfer where you never actually hold the money yourself.Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/