I’m 30 yo and currently have $96k saved for retirement. This is split into 4 different buckets, 3 different 401k’s and $50k from a previous employers Profit Sharing plan.
I always thought it was a benefit to keep them in separate buckets to diversify, but my new employer has a brokerage feature in their retirement plan that would allow me to choose how to allocate money within my 401k. For instance, instead of having 10 different funds to choose from within my 401k, I can actually invest that money into ETF’s or even individual stocks if I choose all within that 401k.
Now I’m not financially savvy enough to make those decisions on my own and would likely work with a financial advisor to help, but this additional flexibility sounds like a great benefit.
My question is – should I role all of my 401k’s into this one account? Should i role the money from my Profit Sharing plan in there as well? I spoke with a financial advisor today and this is what he advised me to do, which I found a little surprising.
Aside from having more $$ to capitalize on the brokerage feature, it’s also just easier for me to conceptualist/plan for retirement.
Any and all advice would be greatly appreciated!!