What to Do With That Old 401k?

$1.65 trillion (with a T). That’s how much is sitting unclaimed in forgotten 401k accounts as of 2023.

Could some of that be yours?

You never know, there could be a retirement account or two from a past gig that’s slipped your mind.

It happens!

That’s why now might be the perfect time to round them up and get your retirement strategy dialed in.

Let’s face it: life gets busy, careers change, and sometimes, the last thing on your mind is that 401k from a job you left years ago.

And here’s the thing: every dollar in those accounts is a step closer to the retirement life you’ve been dreaming about.

So then, if you haven’t planned for those funds yet, there’s no better time than the present to start.

Because here’s the thing: the most essential thing to know now is that leaving those accounts unchecked could mean missing out on money that should be contributing to your retirement strategy.

So, what can you do about it? Here’s a simple plan:

✓ First, reach out to past employers.

Get on the phone or shoot an email to the HR departments of places you’ve worked before. They can help you figure out if you left any retirement money on the table.

✓ Next, keep track of your progress.

As you confirm each account, jot down details like which employer it was with, the account balance, and who’s currently managing the money.

✓ Finally, plan your next move.

Got all your account info? Great!

Now, you can either roll them into your current employer’s plan if that’s an option. Doing so will allow you to manage your retirement savings in one spot.

Or, if you have multiple accounts and want more flexibility, you can set up a rollover IRA with a custodian like Schwab, Fidelity, or Vanguard. This approach gives you more control over your investments and could simplify your financial life.

So then, take an hour this week to reclaim your forgotten accounts and get closer to the retirement you deserve.

Sorting them out could not only tidy up your finances but might even let you hit that retirement goal sooner than expected!