As much as $1.35 trillion is waiting in forgotten 401(k) accounts. Many individuals who leave their jobs, especially early in their careers, often forget about the retirement accounts they’ve contributed to. Those retiring today are likely to have had more jobs in their lifetime than their predecessors, which can equal more 401(k) accounts. These retirement funds could make a difference—here’s how to check if you’re leaving money behind.
AARP reports that “The average balance in forgotten accounts is $55,400.” There’s no question that this money could be hugely beneficial for many seniors. However, it can be challenging to find these accounts.
The first step to take is to call previous employers. If they’re still in business, update your contact information so they can send you any necessary documentation.
Once you’ve located forgotten retirement funds, you can roll them over into one account. It’s best to work with a financial advisor to avoid any complications or hidden fees.
At The Seniors Center, we believe that retirees should receive all that they’ve earned, from retirement savings to Social Security benefits. But unless we take action to protect the future of Social Security, those benefits could be in jeopardy. We invite you to learn more about our mission and to follow us on Twitter and Facebook to help raise awareness of this important issue.