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Have You Left a 401(k) Behind?

Retirement

If you’ve changed jobs over the years, you may have a 401(k) account or even a pension plan still held with a former employer. It’s more common than you might think. In fact, it’s estimated that over $1 trillion in retirement savings remains unclaimed due to job changes, company closures, or outdated contact information.

The good news is the U.S. Department of Labor has introduced a new tool designed to help individuals locate forgotten retirement accounts: the Retirement Savings Lost and Found Database. This secure and easy-to-use resource can help you reconnect with funds that belong to you, potentially strengthening your overall retirement plan.

How to Search for Lost 401(k)s:

  1. Visit lostandfound.dol.gov
  2. Scroll down and select Get Started
  3. Sign in with your Login.gov account (or create one if you don’t already have one)
  4. Be prepared to provide:
    • Legal name
    • Date of birth
    • Social Security Number
    • A valid photo ID

 Once logged in, the system searches for any accounts associated with your employment history. Many individuals are surprised to discover savings they had forgotten about.

Why This Matters:

Reconnecting with a misplaced 401(k) or pension can have a meaningful impact on your long-term financial picture. Consolidating old accounts can help you:

  • Simplify your retirement planning and recordkeeping
  • Gain greater oversight of your investment allocations
  • Potentially reduce fees and administrative costs

 Even modest balances, when left invested over time, can grow significantly thanks to compound returns.

 Next Steps and Professional Guidance:

If you locate a forgotten retirement account, it’s important to review your options before taking action. Depending on your circumstances, consolidating, rolling over, or maintaining the account may be appropriate.

Our team can help you evaluate these choices in the context of your broader financial plan, ensuring that your retirement assets are working cohesively toward your long-term goals.

Finding a forgotten 401(k) or pension can feel like discovering “found money” a welcome reminder of the value of diligent saving and investing. Taking a few minutes to explore the Department of Labor’s new database could be a small step with lasting financial benefits.

 

Source: “Unlocking Forgotten 401(k)s: A New Tool for Financial Professionals,” Hartford Funds.