2 accounts- single and ira

Hi, Terry, I have (2) separate accounts with Edward Jones- a single type account in which I hold individual stocks and an IRA retirement account in which I hold the majority of my investments. Do you think it is a waste of my time to consolidate both those accounts into the single account for retirement? What are the pro’s and con’s of having the two vs the consolidation and by merging the single with the retirement, would it be considered selling of the stock and thus, would I have to pay taxes with the transaction? I am 61 and semi-retired so am getting myself ready for full retirement.

Terry Says:  You CANT consolidate an after-tax account with an IRA!  Don’t even think about it! The IRA account grows tax deferred, and all withdrawals come out as ordinary income.  Your after-tax account allows for lower capital gains tax rates on any winning investments (and you can write off a limited amount of losses each year against ordinary income). Keep the accounts separate!  This is pretty basic, and you need to do a lot more homework before you even think about retiring!  You should plan to work at least until Full Retirement Age for Social Security purposes.   I would suggest calling T. Rowe Price at 800-688-5660 and asking about their retirement financial planning and retirement income withdrawal process.  You can trust their analysis.