It is easy to lose track of money over time, especially when it comes to retirement savings.
Recent estimates show that around 31.9 million 401(k) accounts have been left behind, holding a combined $2.1 trillion. That money still belongs to its owners, but it will not show up automatically. You have to go find it.
Worth reading: The State By State Guide to Unclaimed Assets
How Retirement Money Gets Left Behind
Losing a 401(k) is more common than most people expect. It often happens when:
- You switch jobs and forget to roll over your account
- Your employer changes names or merges with another company
- You move and stop receiving account updates
- You simply lose track over time
Some of these accounts are not small either. In certain cases, people have left behind tens of thousands of dollars without realizing it.
A Federal Tool to Help You Search
The US Department of Labor created a tool called the Retirement Savings Lost and Found Database to make the search easier.
This database allows you to look up retirement plans connected to your name. It does not show your balance, but it gives you the contact information needed to reconnect with your account.
- More than 236,000 people have already used it
- Nearly 30 percent were able to locate a plan
- It currently focuses on individuals age 65 and older
Other Simple Ways to Find Old Accounts
If the database does not give you results, there are still several ways to continue your search:
- Reach out to past employers and ask about retirement benefits
- Review old emails, documents, or tax records
- Check the National Registry of Unclaimed Retirement Benefits
- Search for automatic rollover accounts, also known as default IRAs
These steps may take a bit of time, but they can uncover money that is still legally yours.
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Let us help you discover if you have unclaimed assets waiting for you.
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