Take Control of Your RRSPs Through Consolidation

Many benefits to having all investments under one umbrella

With the frenzy of RRSP season a distant memory, now is probably a good time to take a step back and look at how your retirement savings are organized.

If you have a number of RRSPs spread among different financial institutions, you should consider consolidating them into one self-directed plan. By keeping all your investments under one umbrella, you’ll be able to regain control of your retirement savings strategy. You’ll be in a much better position to monitor the big picture of your retirement savings and the progress you’re making toward your objectives.

Managing your RRSP is much simpler and more convenient when you have a single source of statements and tax documents. It’s also easier to allocate investments to ensure you have a proper mix in your portfolio across all major asset groups.* Making contributions or withdrawing money is simplified as well. It becomes a straightforward one-step process, even if you invest in a variety of securities.

In addition, you’ll appreciate the simplicity of having your assets in one plan when you convert your RRSP to a RRIF or annuity. A single income is easier to manage too. And a related point to keep in mind is that should you or your spouse die, it’s much more efficient to deal with one institution for managing retirement finances.

The potential to save money is another important advantage. You could see a reduction in fees charged by financial institutions for services such as withdrawals and transfers.

Edward Jones gives you the opportunity to consolidate your RRSP holdings into one account. Contact me to talk about the details of your situation.

* Diversification does not guarantee a profit or protect against loss.