Lost & Found: How to Reclaim Your Forgotten 401(k)

Did you know there are an estimated 30 million forgotten 401(k) accounts? (as of May 2023) .That’s roughly 25% of all 401(k) assets—money that could be working harder for your retirement. When people leave jobs, they often leave behind their 401(k) accounts, either forgetting about them entirely or unsure of what to do next.

Why Does This Matter?

It’s simple: it’s your money. Instead of leaving it with a previous employer, you can roll it into your current employer’s 401(k) or an Individual Retirement Account (IRA), where it can be better managed and aligned with your financial goals.

Steps to Reclaim Your Lost 401(k)

Here’s how you can track down those forgotten assets:

Review Old 401(k) Plan Statements

Search for electronic or paper statements from your former employer’s 401(k) plan. Even outdated documents contain vital contact information to access your account.

Contact Former Employers

Reach out to the Human Resources or Benefits Department of your past employers. They can provide details about your old account.

Use the Department of Labor’s Resources

Visit efast.dol.gov to search for your former employer’s Form 5500, which includes plan administrator contact information from your time of employment.

Additional resource: FreeERISA

Check Unclaimed Asset Databases

Use Unclaimed Retirement Benefits to locate accounts. If a company set up a special IRA in your name to hold your funds, this database can help you find it.

Bonus tip: Search for other unclaimed funds you might be owed using Unclaimed.org.

Why Consolidate Old Accounts?

Bringing all your retirement savings into one place makes it easier to manage your finances and assess whether you’re on track for retirement. Simplified accounts mean less paperwork, fewer fees, and better organization of your financial life.

Source: https://www.bankrate.com/retir...