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Stephen Bobko, Taylor Easley, and Dale Suezaki | Financial advisers

IRA rollovers: Gather your scattered retirement assets

How many retirement plans and accounts do you currently have? Are you sure? It’s easy to lose track, especially if you have changed jobs or opened IRAs in tax seasons only to have forgotten about them later. Knowing the location and value of your retirement assets is an important part of retirement planning. To simplify your efforts, consider consolidating those assets with IRA rollovers.

You may use the IRA rollover option to move funds from a qualified retirement plan or traditional IRA to another traditional IRA, or from one Roth IRA to another Roth IRA, with no current tax consequences. (Earnings on Roth IRA withdrawals may be subject to state and local income taxes; they may be subject to federal income taxes if taken before five years of participation. Withdrawals from traditional IRA or Roth IRA prior to age 59 1/2 may be subject to a 10 percent federal tax penalty. For more information, contact a tax or financial adviser.)

Consolidating your accounts makes it easier to keep track of retirement balances, contributions and investment performance. You’ll receive fewer statements for easier record keeping and possibly pay less in annual account fees. With your assets pooled together, you may adjust your investment strategy more easily. And consolidation streamlines the process of making your required minimum distributions during retirement.

To track down your retirement assets, review your tax records and contact previous employers.

Morgan Stanley and its financial advisers do not offer tax advice. Individuals should consult their personal tax advisor before making any tax-related investment decisions. Tax laws are complex and subject to change. This information is based upon current federal tax rules in effect at the time this was written.

Stephen Bobko, Taylor Easley and Dale Suezaki are financial advisers with Morgan Stanley. They may be contacted at 329-7979.