Tuesday, May 31, 2011

401k's from previous jobs? How do i get that money?

I've had a number of jobs in the past and at most of them I was signed up for the 401k plan. Everytime i changed jobs i never kept up with transferring 401 plans and all that other stuff. Is there a site or someway i can find out where all that money from all those jobs are? Have i lost all that money? Or does it all get saved somewhere waiting on me to claim it somehow?401k's from previous jobs? How do i get that money?
401Ks tend to generate paperwork to the account holder, so presumably you have not kept your address current.



Start with the old HR department of each place you lived. Ask them who the custodian is of the 401K. Then call the custodian.



Fotunately, this type of account tends not to escheat, so you should be able to find it pretty easily.



Once you do, close the accounts (if you can) and roll them into 1 IRA.401k's from previous jobs? How do i get that money?
401k is your benefits, every time you change jobs, Roll over to IRA. so going through paper work from previous employers website. Ask HR department and do the transfer paper work as soon as you can.



Look at Enron, Lehman brothers, going bankrupt ringing a bell?
Do you have statements from your old 401(k) accounts? Those will tell you who the custodian is (Vanguard, Fidelity, etc.). If you don't know where the money is, you will have to contact your previous employers to find out who administers their 401(k) plans. Once you know where the money is, you can roll it over into an IRA. Whatever company you elect for your IRA can help you transfer your 401(k) balances.



This money is yours; you haven't lost it. When you leave a job, you may lose any unvested portion of the company match money, but you won't lose what you saved yourself.
You're in the habit of walking away from your money and failing to keep track of it? Better change that behavior.
Contact the human resources departments of all those past employers and they will give you that information. They should also be given your current address so they can mail you updates of your account. There's no reason you have to transfer funds from those old 401K's to a new one or an IRA. But you can if you wish once you get necessary information.



There is no website to help you find this information, you need to do this yourself. I'm surprised this wasn't taken care of when you left all these previous employers.
That money is yours. It is waiting for you to claim it.. HOWEVER, let me warn you. If you just withdraw the money, you could be asking for one huge tax mess.



If you want to , you can take that money and roll it over into an IRA. To do that, you should see a banker or investment agent,. and they can do the work for you, or at least walk you through it.

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