How To Find 401k Accounts – By Brian Baker, CFA Brian Baker, CFA Senior Writer, Investments & Investments Investment Expertise • Investments • Product Management Calendar Brian Baker has 14 years of experience covering investment and retirement. He is a CFA charter holder and previously worked in equity research at a brokerage firm. Baker is passionate about helping people understand complex financial issues so they can plan for their financial future. Read more Twitter Twitter LinkedIn Email Brian Baker, CFA

Edited by Brian Beers Brian Beers Managing Director Special Ribbon • Investments • Banking Brian Beers is Managing Director of the Wealth Team. He oversees the management of banking, investing, wealth and more Read more Twitter LinkedIn Brian Beers

How To Find 401k Accounts

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According to the latest data from the US Bureau of Labor Statistics, workers change jobs for an average of 4.2 years. Workers aged 25 to 34 stayed in the job an average of 2.8 years, compared to an average of 9.8 years for workers aged 55 to 64. Younger workers are more likely to stay in the workplace than older generations.

Meanwhile, 56 percent of Americans say they are getting a new job next year, according to the 2023 survey, with most people prioritizing flexibility, the ability to work remotely, and higher wages in their workplaces.

With all this going from job to job, it can be difficult to keep track of your retirement savings. Platform Capitalize estimates that by May 2023, there will be approximately 29.2 million 401(k) accounts. These accounts are worth $1.65 trillion by May 2023, or 25 percent of all 401(k) assets.

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So how do you make sure you don’t lose those forgotten 401(k) records? Here’s what to do

The first thing you can do to find savings in a forgotten 401(k) account is to review old plan information. The information may have arrived in the mail or you may have received it by email.

Having access to this information makes it easy to find out which employers you had when you had your 401(k) plan and who to contact to access your account. . You can also check with your former friends who are still in the company to see who you should contact.

If you do not have information from your old plan, your next best option is to contact your former employer directly through your human resources department or someone who handling benefits, such as a retirement account.

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By providing your personal information, such as your name and social security number, they must see that you participated in a 401(k) plan while you were employed. .

Another option is to find plan information through the Department of Labor’s website by identifying the Form 5500 the company must file an annual report for its employee benefit plan, including contact information with the plan manager during your employment. was

You can also find information about lost data through Freerisa You need to register to use the site, but after setting up your account, you don’t a payment

If you still can’t find your 401(k) number, you can try searching one of the public records for unclaimed assets. A good place to start is the National Registry of Unclaimed Retirement Benefits, where you can quickly see if you have unused 401(k) funds by entering your Social Security number. The money may still be in your employer’s plan, or the company opened a special IRA account in your name.

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You can also search for, but are not limited to, retirement homes using the National Association of Claims Administrators to help you check your credit. Check all the states where you have lived or worked. The site handles tens of millions of claims each year and has helped recover more than $4 billion in unclaimed assets each year.

By moving your old account into your current plan, you can keep all of your 401(k) information in one place, making it easier to keep track of. However, most 401(k) plans have a limited number of investments, so if you don’t like the options in your current plan, it’s best to transfer your old account to an IRA.

This may be the best option for many people because the IRA is tied to you instead of your employer, so you don’t lose the account. IRAs come with more investment options than most 401(k) plans.

If you don’t have an IRA, you’ll need to set one up before you can roll over a 401(k). The process is simple and you can open an IRA through many online options.

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Finding lost and forgotten 401(k) information is critical to maximizing your retirement savings. Every little bit helps, so you don’t let hundreds or thousands of dollars go to waste. While this amount may seem small today, your investment can add up over time.

Consolidating your old account into your current plan or IRA can help you organize your financial life and give you a clear picture of where you are on the way to achieving your financial goals.

Brian Baker covers investments and retirement. Baker is passionate about helping people navigate difficult financial situations as best they can

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