How many 401(k)s get abandoned? And how can you track your old 401(k)?
Your 401(k) is one of the golden eggs that will allow you a nice retirement.
As of May 2021, there were 24.3 million forgotten 401(k)s holding approximately $1.35 trillion in assets, with 2.8 million more left behind each year by people leaving jobs, according to estimates from Capitalize.
We see cases on a constant basis. People work hard for retirement funds they won't even get because they left them abandoned. Worst part? Most likely no one is managing them.
We want to remind you that we can help you unify those 401(k) accounts, and give you control over how they are being invested with some of our tools. We can also help you see how your current 401(k) is invested so you can make the right decisions. Don't abandon your 401 (k)... you deserve a great retirement.
Want to talk to one of our specialists? Go to www.lyonbern.com and fill up the questionnaire for a free assessment.
How to find your old 401(k)
Millions of 401(k) are left behind every year. No one claims them and eventually many are forgotten and left unattended.
Want to do the search on your own? Here's how.
Start by gathering information
This includes the name of your former employer, the name of the plan, and the plan administrator. You should also have your social security number and any other identifying information on hand. You can do this by calling the HR department of your previous employer, or ask us and we can help you.
Contact your former employer
If the company is still in business, you can check its website or give them a call. If the company is no longer in business, you may need to do some additional research to track down the plan administrator. Our team can give you some tips.
Check with the plan administrator
You can find the contact information for the plan administrator on the Department of Labor's website. You'll need to provide identifying information, such as your social security number and date of birth, to access your account.
Use a 401k locator service
There are several 401k locator services available online that can help you find your old 401k. These services search through a database of retirement plans and can help you locate your account. Some of the most popular 401k locator services include the National Registry of Unclaimed Retirement Benefits and the Pension Benefit Guaranty Corporation.
Check with the state
If you've been unable to find your old 401k using the methods above, you can check with the state where the plan was established. You can search for unclaimed property on your state's website or through the National Association of Unclaimed Property Administrators.
Consolidate your retirement accounts
Once you've found your old 401k, you may want to consider consolidating your retirement accounts. This is where we can come in to help you make the best decision.
Need help? Contact our team at Lyon Bern.
Wealth & Asset Managers in San Juan, Puerto Rico