For most Americans, life can get complicated at times – especially when it comes to personal finance. If you’ve ever left an employer — which most of us have — it’s common to forget about your old retirement plan and wind up with a lost retirement account. In fact, forgotten 401(k) accounts now exceed $1.65 trillion in assets in our latest study.
The good news is that there’s no need to worry: if you’ve lost track of your 401(k) savings account, you’re not out of luck. You can easily look up old employer-sponsored plans associated with your Social Security number (SSN).
Here, we’ve outlined the process to find your missing retirement savings, your options once you’ve found the account, and several frequently asked questions about the situation.
How to find old 401(k) accounts with your SSN
Here at Capitalize, we’ve built an easy-to-use 401(k) Finder, which can help you find any outstanding retirement savings associated with previous employers. The Finder is simple to use, you’ll only need to provide the following information:
- Legal first and last name
- Date of birth
- Phone number
- Zip code
- SSN
We use this information to search multiple databases that can help find your old retirement accounts. This is an efficient way to a comprehensive list of old retirement accounts you may have.
4 additional ways to find old 401(k)s
If you prefer to evaluate other avenues for tracking down a lost retirement account, you still have a few options.
Contact your previous employer.
You can start by navigating to your former employer’s HR department (Human Resources department) page and finding your 401(k) plan administrator’s contact information. From there, you can call, message on them on LinkedIn, or email them, letting them know you’re a former employee in search of your old retirement plan. They should be able to help you in locating the old account or confirming its existence.
Search public databases.
With some basic Personal Identifying Information (“PII”), you can search reputable public databases that help you track down your 401(k). Sometimes, savings can even be located from your state’s unclaimed property search or on the National Association of Unclaimed Property Administrators site at missingmoney.com.
National Registry of Unclaimed Retirement Benefits
The National Registry of Unclaimed Retirement Benefits provides a secure database of retirement plan account balances that have been left unclaimed by former plan participants. It’s common to have to provide your SSN in order to get results from this database.
DOL’s (U.S. Department of Labor) Abandoned Plan Database
The U.S. DOL provides an abandoned plan search database through the Employee Benefits Security Administration, which can help you access information on any terminated employer plans you might’ve left behind throughout your career. It will be helpful to know your previous plan’s name, employer name, or employer location when using this database.
FreeErisa
You can also use the benefits database “FreeErisa” to locate a retirement plan you’ve left behind, but note – you may have to use a credit card to pay for some of the features of this tool.
Keep an ongoing, independent list.
As you move on from employers in the future, be sure you’re aware of any accounts opened in your name while you were an employee. It can be a good idea to keep an ongoing list as you transition through your career while making a point to keep it updated.
What can you do with an old 401(k) plan?
Once you’ve found your old 401(k), you usually have the following choices:
Roll your 401(k) into an IRA.
Rolling 401(k) retirement money into an IRA, or Individual Retirement Account, can be a sensible option if you want potentially lower fees and more comprehensive investment options at a financial institution or brokerage of your choice. For added context, you’ll typically have two options for your rollover:
A direct rollover.
Direct rollovers are typically the simplest approach. This is where your 401(k) is transferred to your new IRA provider.
An indirect rollover.
Indirect rollovers are more complex and involve the funds first being transferred to you before being deposited into the new account. Keep in mind that you’ll need to deposit the funds in your IRA account within 60 days in order to avoid taxes and penalties.
Merge your old 401(k) into your current 401(k).
This is an option if your new employer allows 401(k) transfers into your new 401(k) plan, and if your current employer’s 401(k) is suitable for long-term investment. Clearly, this is only an option if you’ve already found a new job.
Cash it out.
This is a choice that should only be used if you need the money now for a real emergency. Depending on the tax status of the account (pre- or post-tax), you may be up against a tax charge, and if you’re younger than 59.5, you’ll also be subject to an early withdrawal penalty and potentially additional income tax. This is how the IRS discourages cash-outs. If this is something you’re considering, it may be smart to first consult a financial advisor who can offer investment advice for your personal situation.
Do nothing.
If your old employer’s plan offers you the investment freedom you’d like — and is reasonably priced — there’s nothing obligating you to move the account.
One exception:
This is the case as long as you don’t have a small balance in the account (less than $5,000). If this is the case, your previous 401(k) administrator may simply send you a check for the balance. This happens because at low account levels, it may not be economically feasible to administer the account any longer. Consider checking your 401(k) balance so you know what to expect.
Additional guidance:
For more comprehensive rollover guidance, you can visit our rollover information page or our Resources page.
Finding your 401(k) by SSN: Frequently Asked Questions
Can I find my 401(k) accounts for free?
Many 401(k) plans can be found by contacting your previous employer’s HR department or 401(k) plan administrator (if you know who it is). They can provide options for how to proceed from there.
If, on the other hand, you aren’t sure where the old plan is — or if you even have a 401(k) plan — you might try running a search using our 401(k) Finder or investigating any of the public databases.
What if I have 401(k) accounts with multiple employers?
This may sound like it’s a problem, but it’s actually quite normal — and a good thing! This means you’ve taken active steps at multiple places of employment to put away retirement funds.
You have the option of consolidating the retirement accounts into one, rolling them over into a single or multiple IRAs (traditional and/or Roth IRAs), cashing one or more of them out, or simply letting them sit as they are.
There’s no real issue with having multiple accounts at multiple different institutions, but it does tend to be administratively easier if you have fewer accounts. Less paperwork usually means less headache for everyone involved.
What if I have a pension plan I’ve lost?
The U.S. Pension Guaranty Corporation offers an unclaimed database to search for a pension plan that may have been dissolved. You will need to provide some basic PII in order to use the tool.
The Bottom Line: Capitalize can help you find and roll over your 401(k)
If you find an old 401(k) and need help rolling it over, feel free to contact us for assistance. We can help you find and consolidate all your old 401(k)s into an IRA of your choice.
Additional Resources
We also maintain an updated resources page for you to explore at your leisure.
For extra help, or if you run into any roadblocks, it may be best to consult a qualified financial advisor or experienced tax planner.
