When you leave a job, it’s easy to forget about the 401(k) you left behind. However, that retirement savings is still yours, no matter how long it’s been. Millions of workers have old 401(k)s collecting dust, but the good news is that finding them is easier than you think.
In this article, we’ll walk you through the simple steps to track down your forgotten retirement funds, so you can get back on track with your financial goals.
Why Finding Your Old 401(k) Matters
An old 401(k) can be a valuable asset for your retirement, but it’s easy to lose track of it. Whether you’ve changed jobs several times or moved, your 401(k) is a resource you can tap into for your future.
Tracking it down could unlock a significant amount of money that may be earning less interest than it could in a different account. If you’re ready to reclaim your funds, keep reading.
How to Locate an Old 401(k)
Here are three of the easiest and most effective ways to find your old 401(k):
1. Contact Your Former Employer
The first place to start is by reaching out to your old employer. They may still have your account information on file, and their human resources (HR) department can help you locate it.
- If it’s been a while since you’ve heard from your former company or you’ve moved, try contacting their HR department directly.
- If you have any old account statements, contact the plan administrator (the financial firm holding your 401(k)).
- If you had more than $7,000 in the account when you left, your money is likely still with your former employer, as SECURE 2.0 regulations prevent them from involuntarily moving funds under this amount.
“If you track your 401(k) down at your former employer, you could leave the money there or move it into a new retirement account with a 401(k) rollover.”
Quick Tip:
If your account has a balance under $1,000, the plan administrator may have sent a check to your last known address. If your account had between $1,000 and $7,000, your funds could have been transferred to an IRA.
2. Use Your Social Security Number
If contacting your old employer doesn’t yield results, several databases allow you to search for your lost 401(k) using your Social Security number.
- National Registry of Unclaimed Retirement Benefits: This free service helps ex-employees reconnect with their retirement funds.
- Department of Labor’s Abandoned Plan Database: This tool helps find plans that are in the process of being terminated.
- U.S. Pension Guaranty Corporation: If you have a pension, this database can help you find any unclaimed pension benefits.
- FreeErisa: A database that tracks employee benefits for users, although some advanced searches may require a paid subscription.
“Use your Social Security number to search multiple databases and see if your old 401(k) is listed.”
Quick Tip:
The National Registry and the Department of Labor’s databases are excellent starting points for finding a 401(k) from a previous employer.
3. Check Unclaimed Property Databases
Sometimes, if a 401(k) plan is abandoned or a company terminates its retirement plan, the unclaimed funds can end up in state-managed unclaimed property databases. Use these tools to find out if your money is being held by the state.
- MissingMoney.com: This site allows you to search across multiple states for unclaimed property, including retirement funds.
- State Unclaimed Property Divisions: If your 401(k) was cashed out or transferred, it might be sitting in an unclaimed property fund.
“If your 401(k) was transferred to an unclaimed property fund, some of the funds may have been withheld for taxes, so be sure to check for any unexpected tax forms.”
Quick Tip:
If your funds were moved to an IRA, you may still have control over them and can move them to another account without triggering taxes.
What to Do Once You Find Your Old 401(k)
Once you’ve tracked down your old 401(k), you’ll need to decide what to do with the money. Here are a few options:
1. Leave It Where It Is
If your 401(k) is still in your old employer’s plan, you might be able to leave it there. However, you won’t be able to contribute any more to the account. Some people choose this option if their employer offers low-cost mutual funds or other investment options they prefer.
2. Roll It Over to an IRA
A rollover is a great option if you want more flexibility with your retirement investments. Moving your funds to an IRA gives you access to a broader range of investment options, including stocks and individual mutual funds. You’ll also have more control over fees, including administrative costs that may apply to your old 401(k).
3. Roll It Over to Your Current Employer’s Plan
If your new employer offers a 401(k) plan, you can roll your old 401(k) into the new one. This option allows you to consolidate your retirement savings in one place and continue contributing to your retirement.
“Once you find your money, it’s easy to switch brokers or move your investments into a new IRA without triggering any taxes.”
