What to Do Once You Find Your 401k?

You have a few options:

• Leave it Where It Is: If you are happy with the plan’s fees and investment choices, there might be no need to move the funds.
• Rollover to an IRA: Rolling your old 401(k) into an IRA often offers greater flexibility, more investment options, and potentially lower fees.
• Rollover to Your Current 401(k): Consolidating accounts can make managing your retirement savings easier (but verify your current plan will accept rollovers).
• Cash Out (Least Recommended): This should be used as a last resort, as you will incur taxes and possibly early withdrawal penalties.

Tips: Always let plan administrators know of any address or name changes. If you need guidance, a financial advisor can help track down old accounts and advise you on the best course of action.

People change jobs an average of 12 times in their career, making it easy to lose track of retirement accounts. Taking the time to find and consolidate old 401(k)s can play a significant role in reaching your long-term financial goals. Don’t let “out of sight, out of mind” cost you retirement savings. Proactively finding and managing your old 401(k) plans is an essential part of securing your financial future.

It’s surprisingly common to lose track of a 401k account after switching jobs. Life gets busy, and those old retirement accounts can slip out of mind. But those misplaced funds are important for your future financial security. Luckily, there are ways to find them!