The current Employee Tenure Summary of the US Bureau of Labor Statistics revealed that every 4.2 years on average, workers were likely to change their jobs.
Among such workers, it was mostly the younger employees who hopped jobs as compared to older generations, as workers aging from 25 to 34 were likely to stay at a job for 2.8 years on average as compared to 9.8 years on average for workers 55 to 64 years old.
There are high chances of losing track of your 401(k) money. If you’re wondering ‘how to find my 401k with social security number’ then we’ve got here for you some ways to find it out.
Table of Contents
What is 401(k)?
In America, 401(k) is a retirement savings plan which is offered by American employers to their employees, that holds tax benefits for the saver. It is, actually, named after the U.S Internal Revenue Code (IRC), and it was designed particularly to encourage workers to save money for their retirement.
The employees who sign up for 401(k) plan agree to have a percentage of every paycheck paid directly into investment accounts. The employer might match part or whole of that contribution.
The employee is to choose among many of the investment options, generally mutual funds. Basically, 401(k)s are of two types, that are Roth 401(k) and traditional 401(k), their difference primarily being based on how they’re taxed.
What happens to your old 401(k)s?
It depends on the accumulated amount in the accounts that makes the administrators decide whether they should distribute them directly to you, transfer them to an IRA on your behalf or send them to a separate holding account till the time you claim them.
As 401(k) plans aren’t willing to bear the burden of maintaining huge amounts of accounts left behind by former employees, and prefer to unburden them any possible way.
Reviewing old financial documents can also be helpful in finding a 401(k) account. Statements from previous employers or financial institutions may contain information about retirement accounts that have been forgotten over time.
The Significance
Finding a 401(k) account using a social security number can be a daunting task, but with the right tools and resources, it can be manageable. One approach is to use online tools specifically designed to help individuals locate their retirement accounts.
These tools often require the input of personal information, including the social security number, to match the individual with any existing accounts.
When you are on your way to locate a 401(k) account, it's important toconsider the minimum deposit and balance requirements. Some accounts may have specific thresholds that must be met to avoid fees or penalties.
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Methods to trace 401(k) accounts with SSN?
When you join a 401(k) plan, you’ll be required to provide your social security number, which not only ties your 401(k) to any tax obligations you may have but it also permanently gets your 401(K) stamped to your identity.
Thus, when you are looking for your 401(k) accounts, you can utilize your social security number to search for your 401(k)s, which are inter alia: -
1. Contact Former Employer
The first thing you should do to look for your missing retirement savings is approaching your prior employer. So, begin your search by contacting your prior employer’s human resource department.
Just simply tell them that you’re a former employee wanting to access your 401(k) plan you’ve left behind. Then, they would likely be asking you for information needed for identification and your date of employment, required to search through their record.
If the human resource department is able to locate your 401(k) account, they’ll let you know what options you have to access your account. They can also provide you with steps to be taken in order to roll those assets over into an IRA account or your new employer’s account.
Additionally, if you’re still in touch with your colleagues from that job, they might also be able to provide with some information.
2. National Registry of Unclaimed Retirement Benefits
If your online search doesn’t help you get the information you require to find your old 401(k) accounts, there’s nothing to worry. You can go for searching the National Registry of Unclaimed Retirement Benefits that helps employers in connecting with former employees who leave assets behind in a retirement plan.
What you have to do is just head to the website, followed by entering your social security number, and the registry will start searching for any retirement plans linked with that number.
If the registry is able to find it, it’ll contact the administrator of the plan on your behalf, or you can do it yourself as well.
Then, you will get a benefit election form which, actually, will allow you to specify the way you would like to handle your funds.
3. U.S Department of Labor’s Abandoned Plan Search
If you’re still unable to track your old 401(k) accounts, there is another to help you get find out your old 401(k) plan, and that is getting help from U.S Department of Labor’s Abandoned Plan search.
Actually, there are some cases, like bankruptcies, in which employers abandon 401(k) plans they had provided to their employees. Though it sounds harsh, but that’s how defunct businesses play out often.
If your former employer no longer exists, the, the company is required to bring it to your notice so that you can receive the funds belonging to you.
If the company doesn’t notify you, or you believe that your 401(k) plan might have been abandoned, you can get help from U.S Department of Labor’s Abandoned Plan, where you can do a search by plan or employer name. If a plan is located there, you’ll get contact information of the plan administrator.
4. Use Beagle
If you are pretty sure that you’re having an old 401(k) plan out there but any of the methods outlined above doesn’t work for you, there’s another method that you can try out to find that with the help of Beagle.
Beagle is basically a company that is super sleuth for your 401(k) plans. They advertise, saying that they can help you in finding your old 401(k) plans, reviewing your plan’s fees and, even, rolling over your left-behind plans into an IRA.
However, Beagle doesn’t offer its services freely. To see the accounts that Beagle has found, you’ll have to pay charges. Additionally, the charges vary according to the additional services you choose, ranging from just viewing the plan information to having a meeting with a financial coach.
Beagle could be a good choice for you if you are short on time and want to get some help in finding your old 401(k) accounts, and it might be worth the money, to say, for the helping hand.
Investments Savings
Once the 401k account has been found and the investment appears to be handsome then one must be ready to pursue some plan for the future. Let’s shed some light on the proposed measures: -
Investment Strategy
Adjusting investment strategies may be necessary once the 401(k) account is found. Depending on the individual's financial goals and risk tolerance, it may be beneficial to reallocate investments to better align with their current circumstances.
Roll over money to Retirement Account
Rolling over the money directly into a new retirement account can be a smart move to consolidate retirement assets and simplify investment management.
This process involves transferring funds from the old 401(k) into an individual retirement account (IRA) or another retirement account.
There are various investment vehicles and options available within retirement accounts, such as mutual funds, that can help grow retirement assets over time.
Consulting with a certified financial planner or a professional from the National Association of Personal Financial Advisors can provide guidance on the best investment strategy for the individual's motives.
Must Adhere to Legal Implications
You must learn and stay informed about tax consequences associated with retirement account management. Additionally, individuals should be aware of the possibility of unclaimed money in their retirement accounts and take steps to claim it.
By actively managing their retirement accounts, individuals can ensure that they are on track to meet their financial goals in retirement.
Conclusion
As job hopping ratio is quite high in U.S and if you’re are one of those changing jobs frequently, it may likely be difficult for you to keep track of all of your 401(k) accounts.
You can use your social security number to find your old 401(k) accounts, by searching it on certain websites, such as National Registry of Unclaimed Retirement Benefits’ website, where you’ll have to enter your social security number, and the registry will start searching for any retirement plans linked with that number.
However, you can find out 401k account with the use of social security number or accounts by contacting your prior employer’s human resource department and giving them the required information.
Frequently Asked Questions
How do I find all my 401k accounts?
You can trace your old 401(k) accounts by contacting your prior employer’s human resource department, by using social security number, by searching it on certain websites, such as National Registry of Unclaimed Retirement Benefits’ website. You can also get help from U.S Department of Labor’s Abandoned Plan search.
How do I find my current 401k?
To locate your current 401(k) account, you can, firstly, reach out to your present employer’s Human Resource department, where you can get information about your current 401(k), including the plan provider and how to access it.
Where can I access my 401k?
You can access your 401(k) through your employer’s Human Resource portal, or by contacting the human resource department. If the human resource department is able to locate your 401(k) account, they’ll let you know what options you have to access your account.
When you join a 401(k) plan, you’ll be required to provide your social security number, which not only ties your 401(k) to any tax obligations you may have but it also permanently gets your 401(K) stamped to your identity.
