How to Find an Old 401(K)
Now is the perfect time to take a look at your retirement savings and make sure you’re on the right track. One of the best ways to save for retirement is through a 401(k) plan , especially if your employer offers matching contributions. But chances are, you’ve had more than one employer and more than one employer-sponsored retirement account throughout your life.
While you have several options for handling your old 401(k), some strategies are better than others. The smartest path forward is usually to roll your old 401(k) into another qualified retirement plan.
But what if you can’t find your old 401(k)? Have you forgotten which company managed your retirement account? Losing track of your 401(k) is surprisingly common. The good news is that with a few simple steps, you can find your lost 401(k) and get it back in time for retirement.
How to Track Your Old 401(k)
Identify previous employers who offered 401(k) plans
Make a list of all your past jobs, especially those where you worked full-time for more than a year. Large companies are more likely to sponsor a 401(k).
Contact the HR department of each previous employer.
Call or email your HR representative and ask them to confirm whether you had an active 401(k) plan when you worked there. If so, ask them for an account and contact information.
Search the National Registry of Unclaimed Retirement Benefits
This U.S. Department of Labor database lists jobs that have lost their 401(k) connections. This should be your first stop when searching for your name and any previous employers.
Try Online 401(k) Search Tools
You can also try any of these databases , such as FreeErisa , to find lost accounts associated with your Social Security number.
Look at old applications and documents.
Dig through your mailbox and paper copies for old filings, bank statements or tax documents showing 401(k) contributions. They often include account numbers and contact details for the plan administrator.
Contact your plan administrators directly
If you find the name of the financial company that managed your old 401(k), contact them to trace your account. Provide your account credentials.
Transfer funds to a new account
Once discovered, take steps to transfer funds into a new IRA or your current employer’s 401(k) to make future management easier. Finding your account was the hardest part – from here it should be fairly easy to transfer your investments into the account of your choice.
However, before you move your old 401(k), it’s worth talking to a financial advisor to make sure you understand any planning implications that may arise. If you don’t have the option to roll over your old 401(k) to your new one, your next best choice is to leave it alone and let it continue to grow, rather than cashing out early and getting taxed. fine.