Should I think of my many accounts as one combined portfolio?

Yes — your 401(k), IRA, Roth, taxable brokerage, and HSA should be managed as a single portfolio with one overall target allocation, not several separate mini-portfolios. Looking at each account in isolation leads to redundant funds and a muddled risk level. Instead, decide your total stock/bond split first, then place each asset class wherever it's most tax-efficient: bonds in tax-deferred accounts, high-growth stocks in the Roth, tax-efficient index funds in taxable. One account might be 100% bonds and another 100% stocks, yet together they hit your 70/30 target. This unified view also makes rebalancing cleaner, since you can adjust in tax-sheltered accounts to avoid taxable sales. Build a simple spreadsheet listing every account, its holdings, and dollar amounts so you can see the whole picture at once. Track the combined total at wealthserene.com/tools/net-worth.