As we near retirement, it’s usually a good idea to begin consolidating accounts. This is because it can often be easier to manage fewer accounts as we grow older. It also can help our loved ones or a hired financial professional step in to find and manage money on our behalf.

Remember that there is a big difference between a growth portfolio and an income portfolio. As investors grow closer to retirement, they should begin transferring assets to more conservative holdings in an effort to preserve investment gains achieved during the accumulation phase