Millions of Americans are unknowingly leaving retirement money behind.
Read: Do You Have Unclaimed Money Waiting for You?
There are 29.2 million unclaimed 401(k) accounts, totaling $1.65 trillion—about 25% of all 401(k) assets.
If you think you may have a forgotten account, here’s how to find and recover your funds.
New Tool to Help: Retirement Savings Lost and Found
The SECURE 2.0 Act introduces a Retirement Savings Lost and Found database set to launch by December 29, 2024.
This free tool will allow you to search for lost 401(k) accounts using personal information, pulling data from plan administrators nationwide.
Once live, it will make recovering your funds simple and quick.
Steps to Find Your Lost 401(k) Now
While you wait for the new database, here’s what you can do:
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Contact Former Employers: Reach out to past employers or plan administrators for information on your old 401(k).
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Check Social Security Notices: The IRS sends details about vested benefits, which may lead to old accounts.
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Use the EBSA: The Employee Benefits Security Administration (EBSA) helps recover unclaimed 401(k) funds.
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Search the Abandoned Plan Database: The Department of Labor maintains a database for terminated plans from defunct employers.
Don't miss: Brilliant Moves for Your Forgotten 401(k) Accounts
Prevent Future Lost Accounts
To avoid losing track of retirement funds in the future:
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Consolidate Your Accounts: When changing jobs, roll over your 401(k) into an IRA or your new employer’s plan.
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Use an Online Brokerage: Consider using online platforms to manage and centralize your retirement savings.
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Keep Your Contact Info Updated: Ensure that retirement plan administrators can always reach you.
By staying proactive, you can ensure your retirement savings are always working for you and avoid the hassle of searching for lost funds.
Previous article: Find Your Missing Cash: The Easiest Way for New Yorkers to Access Unclaimed Funds
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