Retirement Hack: Don’t Be One of Millions Leaving Forgotten 401(k) Money on the Table
The average American could need anywhere from $550,000 to $1 million dollars for retirement, according to GOBankingRates. If you’re trying to build your nest egg, every extra dollar might help.
A study by Capitalize found that 24.3 million people may have left as much as $1.35 trillion in money behind in forgotten 401(k) funds. And that number grows by $2.8 million per year, CNBC reported.
If you have a forgotten 401(k), perhaps from a previous employer, you could be missing out on an average of $700,000 for your retirement, the study discovered.
CNBC offered advice to find that last money. First, search any old or current email accounts for old 401(k) plan statements. If you don’t find anything, contact your past employer’s human resources, benefits or accounting department. They can check old 401(k) records. You may need to provide your full name, Social Security number and your dates of employment with the company.
The U.S. Department of labor offers a free Abandoned Plan Search, which you’ll find here. The site lets you search for plans that have been terminated.
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