Page 10 - Hobe Sound Reflections - October '22

Page 10, Hobe Sound

fInanCIal foCus

Should You Consolidate leaving thousands of dollars behind and unclaimed. will need to start taking withdrawals — called required minimum
• Greater ease in calculating RMDs – Once you turn 72, you
In fact, at the end of 2021, there were nearly 25 million

Retirement Accounts? forgotten 401(k) accounts, worth about 20 percent of all 401(k) distributions, or RMDs — from your traditional IRA and your
assets, according to an estimate by Capitalize, a financial 401(k) or similar plan. If you don’t take out at least the minimal
By Sally Sima Stahl services company that helps individuals roll over retirement amount, which is based on your age and account balance, you
One of the rewards for plan assets into new accounts. It’s possible that employers could face a penalty. If you have several accounts, with different
working over several decades can even move small, old accounts out of their 401(k) plans providers, it could be cumbersome and difficult to calculate your
is the ability to contribute to and into an IRA on behalf of their former employees, thus RMDs — it will be much easier with all accounts under one roof.
tax-advantaged retirement increasing the chances that savers will lose track of their So, if you do have multiple retirement accounts, give
accounts, which can help money. By consolidating your retirement plans with one some thought to consolidating them. The consolidation
provide needed income for provider, you can ensure you don’t lose track of your hard- process is not difficult, and the end result may save you time
you when you do retire. As the earned money. and hassles, while also helping you manage your retirement
years went by, you may well • Ability to follow a unified strategy – With multiple income more effectively.
have accumulated several retirement accounts, and different investment portfolios, you This article was written by Edward Jones for use by
retirement accounts, such as might find it difficult to maintain a unified financial strategy your local Edward Jones Financial Advisor, Edward Jones,
IRAs and 401(k)s or similar that’s appropriate for your goals and risk tolerance. But once Member SIPC.
employer-sponsored plans. But you might find it advantageous you’ve consolidated accounts with a single provider, you’ll Edward Jones is a licensed insurance producer in all states
to consolidate these accounts with a single provider. find it easier to manage your investment mix and to rebalance and Washington, D.C., through Edward D. Jones & Co., L.P.,
Consolidating them can provide you with several potential your portfolio as needed. The need to rebalance may become and in California, New Mexico and Massachusetts through
benefits, including these: more important as you near retirement because you may want Edward Jones Insurance Agency of California, L.L.C.; Edward
• Less confusion and clutter – If you have multiple accounts to shift some of your assets into investments that aren’t as Jones Insurance Agency of New Mexico, L.L.C.; and Edward
in different locations, it may be difficult to keep track of tax susceptible to swings in the financial markets. Jones Insurance Agency of Massachusetts, L.L.C.
documents, statements, fees, disclosures and other important • Possible improvement in investment options – Often, Edward Jones, its employees and financial advisors cannot
information. Consolidating accounts could help provide clear, 401(k)s may have limited investment selection, so consolidating provide tax advice. You should consult your qualified tax advisor
simplified account maintenance. accounts with a full-service firm may allow for a wider array of regarding your situation.
• Less likelihood of “lost accounts” – It may be hard to products and strategies. This broader exposure can potentially Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, 1851
believe, but many people abandon their retirement accounts, help you improve your overall retirement income strategies. W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

Honoring from page 9 healthy and secure,” added Ranieri. “We were also very The organization has service centers and thrift stores in
pleased that over 100 guests who were in attendance at this Stuart, Hobe Sound, Indiantown, and Jensen Beach. House
• Sally Brooks year’s event left with a deeper understanding of the scope of Hope’s Enrichment Centers in Golden Gate (in Stuart) and
• Shoes from Susan through The Community Foundation and scale of what we do every day at House of Hope.” Jensen Beach offer free programs, technology, and workshops
Martin – St. Lucie About House Of Hope designed to enhance life skills, earning potential, health, and
• St. Joseph Catholic Church Founded in 1984, House of Hope is a 501(c)(3) overall well-being.
• UNEW, Inc. nonprofit organization that empowers Martin County House of Hope also operates the Growing Hope Farm in
• Stephen Schramm – Barbara Trimble Legacy Award residents to overcome hunger and hardship. House of Palm City and several nutrition gardens that provide sustainable
“These award winners have given hope to every client Hope touches the lives of more than 7,000 people each sources of fresh produce for clients as well as nutrition
who has benefited from House of Hope programs. From month helping with basic needs such as food, clothing, education and vocational opportunities to the community. For
our food and nutrition services to financial assistance, furniture, financial assistance, as well as longer-term case more information, visit hohmartin.org or call (772) 286-4673.
clothes closet, case management, and information and management services that help build life skills for a more Updates and announcements can also be found on Facebook,
referral, House of Hope keeps our neighbors safe, housed, self-sufficient future. Instagram Instagram, and Twitter.

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