Do You Have Retirement Savings You Don't Even Know About?

I don’t know how much you have in retirement savings, but I’m almost certain it’s less than you’d like. Sometimes that’s because you weren’t able to start saving as early as you’d hoped or because your income only allows you to contribute sporadically.

But sometimes, an apparent lack of savings can happen because you’ve lost track of some old retirement accounts. Here’s how you can find out if there’s savings out there somewhere in your name.

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How to find your old retirement accounts

There are two main ways you can try to track down old retirement accounts you may have forgotten about. The first is to use the Department of Labor’s Retirement Savings Lost and Found Database. This is a free tool that lets you search your name for any old accounts recorded in the system. If you’ve changed your name, be sure to search all past variants as well.

You will need to create a free account to do this. You’ll have to provide your full name, date of birth, Social Security number, and photos of your driver’s license. Once you’ve set this up, you’ll be able to log in with a username and password going forward.

Another way to find old retirement accounts in your name is to contact your former employer(s) directly. If you have a 401(k) or other retirement account with them, they should be able to provide you with information on how much is in the account and what you can do to access it.

What to do if you find old retirement accounts in your name

If you find an old retirement account in your name, you don’t have to do anything with it. However, you may want to. When your savings are spread across several accounts, it’s more difficult to keep track of what you’re invested in. You might accidentally expose yourself to too much risk, which could leave you with less money than you expected by retirement.

If you have a 401(k) through your current employer, you may be able to roll money from an old 401(k) over into this one. But not all 401(k)s permit rollovers. Talk to your plan administrator if you’re not sure what the rules are for your account.

If that’s not an option or if you just want more control over your investments and fees, you could move the money to an IRA in your name instead. If you have tax-deferred savings from a traditional 401(k), be sure to choose a traditional IRA unless you want a large tax bill this year. Roth 401(k) savings must go into a Roth IRA.

You can set up an IRA on your own with many banks and brokers. Once you’ve done that, your new plan administrator should be able to advise you on how to transfer the funds to your IRA.