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It may sound hard to believe, but in 2023, Americans lost track of nearly 30 million 401(k) accounts, amounting to roughly $1.65 trillion. Could you be missing out on several hundred thousand dollars in retirement savings?

If you’ve had multiple jobs over your career, there’s a real chance money could still be with a former employer. In this episode of Money Wisdom, Nicholas J. Colantuono, CFP® shares three places your lost 401(k) might be. He also explains why taking the time to locate it is well worth the effort.

1. With Your Previous Employer

First, contact your previous employer(s) to locate any forgotten 401(k)s or similar retirement plans. Even if they cannot locate it, you can ask them if the plan moved to another provider. The HR department can likely share its current location with you. You can then reach out to the plan sponsor or provider to access your funds.

2. Transferred to a New Plan Provider

Again, if your previous employer moved your old plan to a new provider, they could help you locate it. They should have your records if you are a former employee or plan participant. Once you have access to that account, you can decide whether to roll it into an IRA or withdraw it.

3. Sent to Your State’s Unclaimed Property Division

If you still cannot locate your account, it may have been closed and sent to the unclaimed property division in your state. For example, Massachusetts has a state-run website called findmassmoney.gov. You can also reach out to the National Registry of Unclaimed Retirement Account Balances. Someone may have moved your money without your knowledge, so it’s important to pursue every avenue.

If you still cannot find your account, depending on how much money was in it, the following scenarios may have occurred:

• If the account had $5,000 or more: Your plan has likely remained open since you left. With an account this large, your employer would not have moved it without your knowledge.
• $1,000-$5,000: Your former employer may have mailed you a check or distributed the money to you via direct deposit. They also could have rolled it into an IRA or sent it to unclaimed property.
• $1,000 or less: For short-term jobs with smaller accounts, the employer may have mailed you a check. But if you didn’t receive it, the carrier may have returned or canceled it if left unclaimed.

Curious how your 401(k) fits into your investment strategy? Get your free Ultimate 401(k) Guide by texting “GUIDE” to 800-757-0436.