Consolidating 403b accounts

Banks, credit unions, savings and loan associations, stockbrokers, mutual funds, life insurance companies and other financial institutions can serve as IRA custodians and trustees.

Trustees normally make investment decisions on behalf of the IRA owner, whereas custodians do not.

If you don’t make up the 20 percent from your own pocket, the IRA will tax it as a distribution. Brokerage accounts normally give you access to many mutual fund families, so that you don’t have to set up accounts with each mutual fund company.If you combine your IRAs into a self-directed account, you’ll have the most investment choices, including real estate and certain precious metals.for clients in their 20s and 30s -- or the so-called Generations X and Y."One of the biggest issues for this demographic is they have four or five small accounts, and so it doesn't seem like a lot of money to them." In fact, Lewis says that he recently met with a young married couple who each had multiple old 401(k)s, with roughly ,000, ,000, ,000 and ,000 in them respectively.

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Rather than figuring out a way to consolidate those accounts, the couple instead decided to cash them out.

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