Consumer Investigator Chris Chmura explains how you can search for a leftover, missing or forgotten 401(k).

When people leave a job, they don’t always take their 401(k) with them. And when the company can’t find you, the account goes dormant. But the money does not go away.

We’re taking a look at how many accounts are “forgotten.” The number is huge: more than 20 million!
And the money in the is even more staggering: more than $1 trillion – left behind.

You can hunt for a leftover, missing or forgotten 401(k) a couple different ways.

1.) Use a company like Capitalize:
2.) Search The National Registry of Unclaimed Retirement Benefits:
3.) Look in State Unclaimed Property:

A bill moving through Congress might create a federal government database — eventually.
You can use the current methods today – no waiting!

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It’s a scenario that many people may find themselves in: you change jobs, move to a new city, or simply lose track of your old retirement accounts. Suddenly, you realize that you have a ‘forgotten’ 401(k) that you haven’t thought about in years. But fear not, because it’s not too late to track down that lost retirement savings and put it to good use.

Finding a forgotten 401(k) may seem like a daunting task, but with a little bit of effort and some key information, you can locate and potentially roll over those funds into your current retirement savings plan. Here are some steps to help you in your search:

1. Contact Your Former Employer: The first step in finding a forgotten 401(k) is to reach out to your former employer. They should have records of your retirement account and can provide you with information on how to access those funds. Be sure to have your personal information, such as your social security number and dates of employment, ready when contacting your former employer.

2. Check Your Statements: If you have any old statements or paperwork from your previous employer, look through them to see if there is any information on your 401(k) account. This can give you clues on where to start your search.

3. Use the National Registry: The National Registry of Unclaimed Retirement Benefits is a database that helps individuals find lost or forgotten retirement accounts. You can search the registry online by entering your personal information, such as your social security number and former employer’s name, to see if you have any unclaimed retirement benefits.

4. Search Online: There are also online resources and tools that can help you locate a forgotten 401(k). Websites like the Pension Benefit Guaranty Corporation (PBGC) and the National Association of Unclaimed Property Administrators (NAUPA) have search tools that can help you track down lost retirement funds.

5. Hire a Professional: If you are having trouble locating your forgotten 401(k) on your own, consider hiring a professional to help you. Financial advisors and retirement specialists can assist you in finding and accessing your lost retirement savings.

Once you have located your forgotten 401(k), it’s important to decide what to do with those funds. You have a few options, including rolling the money over into your current employer’s retirement plan, transferring it to an Individual retirement account (IRA), or cashing out the account (although this may come with tax consequences).

Don’t let a forgotten 401(k) go to waste. By taking the time to track down and access those funds, you can boost your retirement savings and secure your financial future. Remember, it’s never too late to take control of your retirement savings and make the most of your hard-earned money.