Changing Jobs Often? You Might Have Lost a 401(k) Without Realizing It

Forgotten 401k retirement savings recovery: In the US people are changing jobs faster than ever, and this has caused a big problem millions of 401(k) retirement accounts are getting lost or forgotten. The U.S. Bureau of Labor Statistics says that in January 2024, workers stayed at one job for only about 3.9 years. This is the shortest average time since 2002 and shows how often people switch jobs now.

Because of this constant job-hopping, many workers lose track of their old retirement plans. A report from Capitalize in May 2023 said there were 29.2 million forgotten 401(k) accounts across the country. Together all these accounts hold a shocking $1.65 trillion, which is about 25% of all 401(k) savings in the United States. This means a huge amount of money that belongs to workers is just sitting there, unused and forgotten.

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Forgotten 401k retirement savings recovery

If you think you may have forgotten a 401(k) account, there are ways to find it. The first thing you should do is check your old job records or emails for any 401(k) statements. These papers can tell you which company managed your retirement plan. If you can’t find them, try contacting your old employer’s Human Resources office. Give them your name and Social Security number, and they can check if you had a 401(k) account and tell you how to get access again.

You can also search for the plan yourself using government tools. The U.S. Department of Labor’s Form 5500 database lists official details of retirement plans, including who managed them. Some people also use the Abandoned Plans database or the FreeERISA website to search for missing accounts. These sites let you register and search for free.

If you still can’t find your old account, try checking unclaimed asset databases. The National Registry of Unclaimed Retirement Benefits and MissingMoney.com are two trusted sites backed by the National Association of Unclaimed Property Administrators (NAUPA). You only need your Social Security number to see if you have any unclaimed money waiting for you.

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What to do After Finding Your Old 401(k)?

Once you locate your forgotten retirement account, you have two main options. You can move it into your new employer’s 401(k) plan, which makes it easier to keep track of all your savings in one place. Or, you can transfer it into an Individual Retirement Account (IRA). This option gives you more control over how your money is invested and is not tied to your job.