Should 60 year old put a $600,000 retirement portfolio with a single investment firm?

Christy Bieber

Mon, May 18, 2026 at 3:15 PM EDT 5 min read

Deciding what to do with your investment money is a high-stakes decision, especially when you're in your 60s and just five years away from retirement. You're going to need this money to help cover your costs since Social Security only replaces about 40% of what you were earning pre-retirement (1).

Let's pretend, for example, that we have a 60-year-old man named Sam who has been investing money for retirement since he was in his mid-30s.

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Sam has saved up a $600,000 nest egg and has money spread around multiple different accounts, including several 401(k)s and IRAs, and a few taxable brokerage accounts as well. Since he is getting ready to retire in five years, he's seriously thinking about moving all $600,000 to one single investment firm. However, he isn't sure whether that's a good idea or not.

So, should Sam move his money, or should he keep the funds in separate accounts?

The benefits of consolidating all of your money with one investment firm

There are actually some pretty big benefits for Sam if he moves all of his money to just one investment firm.

First off, if all his money is with one firm, he won't have to worry about forgetting any accounts. While it might seem hard to believe, people do forget they have retirement accounts. In fact, approximately $2.1 trillion in assets had been left behind in around 31.9 million forgotten 401(k)s as of July 2025, according to research from Capitalize (2).

If Sam consolidates all his accounts, he will know right where the money is. It will also be easier for him to make decisions about what he's doing with his investments if he can see everything in one spot. For example:

• He can look at his total balance across all accounts to decide how much money he can safely withdraw.

• He can make sure his overall asset allocation across all accounts is appropriate to his age and risk tolerance.

• He will only have to deal with one company's customer service if he has issues

• He will get tax forms from just one brokerage firm instead of many.

It's important to note, though, that putting all your money with one investment firm isn't the same as putting all your money in one investment. He should maintain a mix of stocks, bonds, ETFs, and other investments within his account at that firm. Putting all your money into any one single investment is too risky at any age.