You may be 'missing' thousands of dollars: Here's how to find forgotten 401(k) money (2024)

FAQs

You may be 'missing' thousands of dollars: Here's how to find forgotten 401(k) money? ›

The National Registry of Unclaimed Retirement Benefits is a good place to start. By entering your Social Security number, you can quickly see if there are any unclaimed 401(k) funds that belong to you.

The National Registry of Unclaimed Retirement Benefits is a good place to start. By entering your Social Security number, you can quickly see if there are any unclaimed 401(k) funds that belong to you.

By contacting your former employer, reviewing your old records, taking advantage of online resources, or searching among the many databases available, you can track down your retirement dollars and transfer them into an account where you can easily keep track of them.

If left unattended for too long, old accounts can be converted to cash—and even transferred to the state as unclaimed property—forgoing their future growth potential.

You can check your 401(k) balance online, through the account statements you receive, through your employer, or by calling your 401(k) service provider.

Check Unclaimed Property Portals

When money is left in a 401(k) for an extended period after employment ends, the money is sometimes transferred to a state unclaimed property office. These offices hold unclaimed funds until the rightful owner claims them.

If you think your old account may have been turned over to the state, search the unclaimed database in the state where you lived when you worked for the specific employer. You should also search in the state where the plan's administrator was located if you worked for a larger or national corporation.

But the money already in the account is still yours, usually, so it can just sit in that account for as long as you want — with a couple of exceptions: First, if you contributed less than $5,000 to that 401(k) while you were with that employer, they can legally tell you, “Closing time!

The National Registry is a public service website designed to help reunite you with your rightfully earned retirement benefits. We never charge a fee to list an account name on the site or to conduct a search or view the results of any search, and there is no limit to the number of times you may search.

How long a company can hold your 401(k) depends on how much asset you have in the account: the company can hold for as long as you want unless you decide to rollover to a new plan or take a cash out. However, you must have at least $5000 in your 401(k) if you want the company to continue managing your plan.

Why did the money in my 401k disappear? ›

It costs money to manage a 401(k) plan, and since you are no longer contributing to the retirement account, the employer forces a transfer to an IRA to cut on costs. If your 401(k) balance is less than $5000 when you leave a job, it may be at risk of disappearing.

About 69 million workers, or 56% of the nation's workforce, lack access to a retirement plan through their workplace, the Economic Innovation Group found in its analysis of 2021 Census data.

You can find your IRA using your social security number, either by searching for the entity you opened the account with, navigating your state's treasury database, or hiring a company like Beagle to do the work for you.

If you are fired or laid off, you have the right to move the money from your 401k account to an IRA without paying any income taxes on it. This is called a “rollover IRA.”

One of the best ways to find lost retirement accounts is to contact your former employers. If you're unsure where to direct your call, try the human resources or accounting department. They should be able to check their plan records to see if you've ever participated.

You must deposit this check into an eligible retirement account like an IRA or your current 401(k) within 60 days of your plan's termination. Fail to rollover your 401(k) in time, and you'll be subject to income tax and an early withdrawal penalty tax of 10%.