Forgotten Retirement Accounts: Don’t Leave Money Behind

Did you know that as of May 2023, there were over 29 million forgotten retirement accounts in the U.S., holding nearly 1.65 trillion dollars in assets?¹

This situation is more common than you might think. According to the Bureau of Labor Statistics, Baby Boomers born between 1957 and 1964 held an average of 12.4 jobs before the age of 54.²

The first 401(k) program was implemented in 1981; by the year 2000, more than three-fourths of American workers were participating in a 401(k). With multiple jobs comes multiple retirement accounts, making it easier for some to get lost along the way. If accounts are left unattended for a period of time, they can be transferred to the state as unclaimed property.^2,3

Here are some steps that may help you locate your missing accounts:

1. Start with Previous Employers

Contact former employers' human resources departments or the financial institutions that manage your accounts. They might be able to help you access information on them.

2. Use Online Resources

Several databases can help locate missing accounts:

• National Registry of Unclaimed Retirement Benefits
• Department of Labor's Abandoned Plan Database
• FreeERISA
• U.S. Pension Guaranty Corp. database
• MissingMoney.com⁴

3. Check State Resources

Your state's unclaimed property database might help locate funds that were turned over to state agencies.

4. Contact Federal Resources

The U.S. Department of Labor Employee Benefit Services Administration (EBSA) has dedicated professionals who can assist in locating retirement accounts from previous employers.⁵

Conclusion

A new, searchable database from the Department of Labor is on the way to help individuals locate lost retirement accounts, thanks to The Secure Act 2.0. This tool is being designed to make it easier than ever to reconnect with any missing assets.

If you or anyone you know has questions about potential missing retirement accounts, please don’t hesitate to contact us.

^{1. Capitalize, June 23, 2023}

^{2. Charles Schwab, August 22, 2023}

^{3. Britannica Money, October 12, 2024}

^{4. Smart Assets, September 6, 2024}

^{5. U.S. Department of Labor, November 11, 2024}