How to find and claim your old retirement accounts

Some techniques for finding old retirement accounts

• Remember your old jobs. Few people can stay with a company for decades at a time anymore: in your professional career, you’ve likely cycled through multiple companies while looking for something that more suits your lifestyle. Look at your resume and pinpoint which jobs have accrued a 401k account worth claiming.
• Contact your old employers. HR departments at your previous jobs will have a record of your retirement accounts. Whether you have enrollment receipts in your email or a recording of 401k payments in paychecks, you can use this material to talk to your HR reps and gain access to old accounts.
• Go online with your SSN. Retirement accounts are linked to your social security number, which makes it easy to look up accounts associated with your unique government-issued identifier. With this information, you can find accounts linked to this number. Services at the National Registry of Unclaimed Retirement Benefits, the Abandoned Plan Database via the US Government’s Department of Labor, and the Pension Benefit Guaranty Corporation (a US government agency) are all useful resources for finding old retirement accounts.

What happens after you get access to old retirement accounts?

Once you can get into your old retirement accounts, you can merge them into your current IRA or 401k. This move, known as an IRA rollover, is a good idea because you can maximize your returns through one singular account. If your current company matches 401k contributions, you can double your investments, thereby getting the most out of your existing money.

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Through your current retirement account service, you can begin the process of merging your accounts. Usually, you’ll need to enter the information from the account you’re transferring from and then wait for the process to complete, which will take a few days (usually less than a week). Your existing retirement account will contact your previous accounts to withdraw this money and move it to your new account, which happens via a wire transfer.

Learning how to find old retirement accounts can save you money by avoiding fees and certain taxes, as well as consolidating your money for a maximum investment. For more advice on how to make your money go further, check out the budgeting tips.