Instead of trying to merge your accounts, focus on using them together, smartly. Here’s how:
1. Consolidate your RAs
If you have multiple retirement annuities from different providers, you may be able to combine them into one. This can cut admin, make it easier to track performance, and potentially lower fees.
2. Keep contributing to both
Yes, it’s allowed. You can contribute to your RA and your employer’s fund. Doing so can boost your overall retirement savings, and both contributions may offer tax benefits.
3. Diversify your exposure
Your RA and your employer fund may have different investment strategies. That’s not a bad thing. It means you’re not putting all your eggs in one basket. A mix of approaches can smooth out risk over time.
4. Get help with the big picture
A qualified financial advisor can help you see how your various savings work together. They’ll make sure you’re not overexposed in one area and help you align everything with your retirement goals.
