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Planning Strategies

Retirement: Planning Strategies: Simplifying Your Plan

Consolidating old employer-sponsored retirement plans and IRAs* can help you save time and money.

If you're like most Americans, you've changed jobs more than once. In fact, the Department of Labor reports that most Americans change jobs an average of 10-12 times over the course of his/her lifetime.

With these job changes, it's also likely you've collected more than one "egg" in your retirement planning nest—plans like a 401(k), 403(b), 457, or an IRA.

Having multiple plans can cost time and money with:

  • Extra paperwork hassles.
  • Additional statements to manage.
  • Multiple custodial fees to pay.

Consolidating your plans can help you:

  • Potentially lower costs
    Multiple plans almost always mean multiple fees or charges for managing your accounts. Consolidating your retirement assets into one account can reduce these costs.
  • Maintain a consistent overall investment strategy
    With more than one plan in play, it's often difficult to keep track of the investment strategies within each plan. Consolidating plans can help you keep better tabs on your investment choices. It can also help you make modifications to your overall strategy when market conditions change or personal needs arise.
  • Minimize paperwork
    As you monitor the progress of your retirement plan, one statement can simplify the process.
  • Simplify distribution planning
    When you reach age 70½, the IRS requires you to take required minimum distributions (RMDs) from qualified retirement savings accounts if you are no longer employed with the employer-sponsor of the plan. It may be easier to manage required withdrawals from one account than it is from several.

*Some retirement assets are not eligible for consolidation.

Your financial professional can help you consolidate your retirement plan assets. Consolidating your plans can help simplify your retirement planning and put you in better control of your future. Your financial professional can develop a personalized strategy that gives you an edge with retirement planning products and solutions from The Principal®.

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To obtain a prospectus, download online or call Customer Service at 1.800.222.5852

While this communication may be used to promote or market a transaction or an idea that is discussed in the publication, it is intended to provide general information about the subject matter covered and is provided with the understanding that The Principal® is not rendering legal, accounting, or tax advice. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements. For more information about our funds, including their full names, please see the Principal Funds, Inc. prospectus or call Customer Service at 1.800.222.5852.

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Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc., member of the Principal Financial Group®. Principal Funds Distributor, Principal Shareholder Services, Principal Management Corporation and its affiliates, and Principal Funds, Inc. are collectively referred to as Principal Funds.

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