Now is a perfect time to take a look at your retirement savings and make sure you’re on track. One of the best ways to save for retirement is through a 401(k) plan, especially if your employer offers matching contributions. But chances are you’ve had more than one employer in your lifetime, and more than one employer-sponsored retirement account.
While you have a few options for handling an old 401(k), some strategies are better than others. The wisest path forward is typically to consolidate your old 401(k) into another qualified retirement plan.
But what if you can’t locate your old 401(k)? Did you forget which company was managing your retirement account? Losing track of a 401(k) is surprisingly common. The good news is that with a few simple steps, you can locate your lost 401(k) and get it back on track for retirement.
How to track down your old 401(k)
Identify previous employers that offered 401(k) plans
Make a list of all your past jobs, especially ones where you worked full-time for over a year. Large companies are very likely to have sponsored a 401(k).
Contact the HR department of each previous employer
Call or email the HR rep and ask them to confirm if you had an active 401(k) plan while working there. If so, ask them to provide the account and contact details.
Search the National Registry of Unclaimed Retirement Benefits
This database run by the U.S. Department of Labor lists workplaces that have lost contact with 401(k) holders. This should be your first stop search for your name and any previous employers.
Try online 401(k) search tools
You can also try any of these databases, like FreeErisa to find lost accounts linked to your Social Security number.
Look up old statements and paperwork
Dig through your email inbox and hard copy files for old enrollment paperwork, account statements, or tax documents showing 401(k) contributions. These often include account numbers and plan administrator contacts.
Contact plan administrators directly
If you find the name of the financial company that managed your old 401(k), get in touch to track down your account. Provide identifying details to access the account.
Roll over the funds into a new account
Once located, make arrangements to transfer the funds into a new IRA or your current employer’s 401(k) to simplify management in the future. Finding your account was the hard part—from here it should be fairly easy to move your investments into the account of your choosing.
Still, it’s worth talking to a financial advisor before moving your old 401(k) to make sure you understand any planning consequences that may arise. If you don’t have the option to rollover your old 401(k) into a new one, your next best choice is to let it be and let it continue to grow, rather than opting to cash out early and getting hit with a tax penalty.
