Terry Savage: It's time to roll over old IRAs or 401(k)s

If you have several IRAs or leftover 401(k) plans from previous employers, this is a perfect time to consolidate them in one IRA rollover account.Not only will this simplify your financial record keeping, but it will also create an opportunity to use one of the best and safest investment opportunities for your money. So don't let laziness or your fear of complexity stand in the way.The first step is to gather the latest statement from each of those scattered retirement accounts. Since many send out statements quarterly, the most recent one may have arrived in early November. Then contact a high-quality, low-cost custodian such as Fidelity, Vanguard, Schwab or T. Rowe Price -- either through the company's website or toll-free number. You can also choose a new company to create your rollover account.When you contact your chosen custodian, don't be intimidated by all the requests for log-in information. Simply ask to speak to a retirement rollover specialist. But once you get that department, it will be easy because they do all the paperwork for you.Your new adviser will contact your old plan custodian(s) and initiate the transfer of funds. That's why you need all your paperwork, including account numbers, from your existing plans. You do not get a check to redeposit; that could cause all sorts of tax hassles down the road.The process may take a week or 10 days. Finally, you have all your old retirement accounts in one place -- except for your existing 401(k) or 403(b) at your current job. You can always easily change that designation, but it's tempting fate I'd you don't name a beneficiary immediately.Set up online access to your new rollover account. You'll want to check to make sure all the money arrives. Taxes are not a consideration since all growth of assets in a retirement account are taxed as ordinary income when they are withdrawn. The one exception would be company-issued stock. Then, there's only one big decision remaining: how to invest the money.Here's where the advice depends on your age and personal financial situation.As a general rule, if you're under 55, a large portion should still be invested in the stock market -- scary as that may seem. Over a 20-year period a diversified stock portfolio, with dividends reinvested, is your best chance at growing wealth and beating inflation. You can move the money gradually into those funds over a few months.If you're closer to retirement, you may choose more conservative funds, mostly equity-income and balanced funds. And you may choose to leave a significant money in safer choices that minimize risk.And here's the good news. These custodians are set up to do it for you. So instead of settling for money market low returns inside your IRA, you can capture the current roughly 4.7% return of T-bills for the next six months!You can do this rollover on your own. It's your money and you can do this. That's the Savage Truth!Distributed by Tribune Content Agency, LLC.