NORFOLK, Va. – Wouldn’t it be great to find out that you have extra money in an account somewhere? Millions of Americans are now learning that they do.
“A lot of people tend to leave behind smaller retirement accounts with former employers, or sometimes also bank accounts, when they move,” said Kevin Zywna, president of Wealthway Financial Advisors.
Often retirement accounts are out of sight and out of mind and with many people who have moved over the past few years, they can get lost in the reshuffling.
Here’s how Zywna said you can see if you have money:
- Contact the human resources department and your former employer.
- Search online. The Virginia Department of Treasury and the National Unclaimed Retirement Benefits Registry are just two trusted sites. They are also free. These websites can also alert you if you are in profit on any account.
- Work with a financial adviser – although Zywna said you may only need a professional to claim your money.
âIdeally, you want to keep [the funds] in their tax-protected packaging and transfer the retirement plan assets either into an IRA in your own name or into a new 401k plan at your current place of employment,â he said.
Zywna recommends consolidating your accounts if you get a new job so you don’t forget about your money in the first place.
Related: Part of ‘The Great Resignation’? What you should do with your 401k plan