A 401k can be a vital piece to your financial future and make positive impacts on tax implications each year. However, many workers in their early 20’s may not know they were receiving a 401(k) or may have simply forgotten. We will help you find ways to find that lost 401(k). There are a few ways to find an old 401(k), so let’s start with an easy option.
Contacting your old company
This may seem obvious, but many are hesitant to reach out to their old company for a lost 401(k). Most major companies will have contact information on their website. Could you try to find a contact for the HR department for the best information? If you can’t do that, contact a customer service number or online chat to find HR contacts. Often a 401(k) will be held with the company financial provider (such as Fidelity, or Schwab), and that money can be transferred to your new account. If you don’t have luck here, you may want to research missing property from the state you were working previously.
Searching a state’s database
Most state Treasury departments will have a database where you can find property. Even if you don’t find a 401(k) you may find small sums of money (even as low as $10) attached to your name. Regardless of what and how much you find, you can file a claim with the state to receive your money.
Search national databases
There are a few national databases where you can use your social security number to find lost properties or abandoned retirement plans. A good start would be the U.S. Department of Labor’s abandoned plan search. Here are some more databases you can review:
- Missingmoney.com
- National Registry of Unclaimed Retirement Benefits
- Pension Benefit Guaranty Corporation (official U.S. Government Agency)
- Hicapitalize.com
Get a Professional to Help
If none of these above options have helped, and you have the resources, you can reach out to a financial professional, such as an accountant or a financial broker. It’s important to understand that these professionals don’t have unlimited access to all accounts, but might have more success than you.
Leaving Your Old Company?
If you have plans to start a new career, take the time to find out the details on your old 401(k). Contact your local HR or manager if you are unsure where to go. If you already have a good grasp on your finances, ensure you have your login information to your financial platform (Fidelity, Robinhood, Schwab, Vanguard, etc.), and start contacting support through their websites. Most of these investment broker websites have high-quality customer service and are happy to help. Make sure you know your future employer’s investment broker, so you can transfer and combine accounts.
