“Creating an asset inventory should be the first step,” said Michael DeMassa, a certified financial planner and founder of Forza Wealth Management. “Having fewer accounts can make tracking performance, withdrawals and tax preparation much easier going forward,” he said. “There may be good reasons not to consolidate certain accounts, such as tax considerations or a higher interest rate. Once everything is organized, building an optimized retirement withdrawal plan to show which accounts the income will be coming from helps bring the overall picture together.”
