HAS YOUR 401(K) BEEN LEFT BEHIND?
The average job tenure is roughly four years. If you’ve left employment and did not keep up with your account, you are not alone. According to new information an estimated 24.3 million 401(k) accounts and $1.35 trillion in assets have been forgotten by those changing jobs.
For many individuals, using an employer sponsored retirement saving vehicle to begin setting aside money for their future lifestyle is often the easiest route to take. So, if you’ve left your account with your previous employer and curious whether your account had a balance, it is never too late to find out. When you do, you have the option to leave the money in the plan or move it into an IRA. Be sure to examine your current plan fees, fund selections and be prepared to keep your personal information and beneficiary information up to date. Some individuals may find it advantageous to move the funds into an IRA.
You can reach out to your previous employer to get the contact information for the plan provider. If you’re still having issues, you can access the National Registry of Unclaimed Retirement Benefits here and enter your name.
Saving for retirement can sometimes be a challenge for the average person and when you throw in a pandemic it becomes even harder to set aside money for the future. With the current state of pensions and social security being uncertain, it’s no wonder more individuals are now using their employer sponsored retirement savings plan, such as a 401(k) to save towards their retirement.
Speak with a financial professional about your individual situation as they may be able to help you compare which option is best for you. TF Wealth Advisors is a fiduciary, acting in your best interest and can help you consider the cost, risk, investment options and limitations to help you make an informed decision.