Recycle and Consolidate That Old 401k Plan

As we all know, the 4th Annual Wildwood Electronic Recycling Event will be Saturday (tomorrow) at the , 2645 Generations Drive, from 8 a.m. to 1 p.m. The email from the City of Wildwood got me thinking about how most individual investors should do the same thing with their old 401(k) statements.

The only company retirement plan statements you should be receiving now should be from the retirement plan offered by your current employer. Every other company retirement plan account that you have every participated in (and receive statements from) should be consolidated into a Roth or rollover IRA offered by a no-cost custodian firm.

These firms will allow you to consolidate all your smaller company retirement plan accounts into a single account. In this account, you will be able to own a wide variety of stock, bond, mutual fund or ETF investments with very low transaction fees.

Jeffrey Risley, CFP

Note that a receipt for tax deductions will be provided on the spot at the recycling event.