Many Alaskans, like individuals across the nation, find themselves with unclaimed retirement benefits, often due to career transitions or simply losing track of older accounts. At Alaska Wealth Advisors, we recognize the importance of securing your financial future and are committed to guiding you through the process of reclaiming these valuable assets.
The Significant Scale of Unclaimed Retirement Benefits
The magnitude of unclaimed retirement funds is substantial. According to a recent report by Capitalize, an estimated 29 million 401(k) accounts were overlooked in 2023, totaling nearly $1.65 trillion nationwide. This data, supported by the U.S. Department of Labor (DOL), underscores the importance of taking proactive steps to locate and reclaim these funds.1
Understanding the Reasons Behind Unclaimed Benefits
Several factors contribute to this issue:
- Career Transitions: Frequent job changes can lead to multiple retirement accounts scattered across various employers.
- Limited Awareness: Many individuals are unaware of their unclaimed benefits.
- Process Complexity: Navigating the claims process can be challenging.
- Contact Information Updates: Changes in address without updating records can hinder communication.
Leveraging the Department of Labor’s Lost and Found Database
To assist individuals in locating these assets, the DOL has developed the Lost and Found Database. This online tool simplifies the process of searching for unclaimed retirement benefits from former employers.
Navigating the Claims Process
To reclaim your lost retirement funds using the DOL’s database:
- Visit the Website: Navigate to https://lostandfound.dol.gov/.
- Use Login.gov to verify your identity: Create a Login.gov account and complete the identity verification process. Visit Login.gov/help and review the Login.gov verification process steps for more information.
- Enter your Social Security number: Re-enter it to verify and click “Search.”
- View your results: The website will display a list of retirement plans linked to your Social Security number and provide contact information for the plan administrators.
- Contact the plan administrators: They will verify your identity and help determine any retirement benefits you may be entitled to collect.
How Alaska Wealth Advisors Can Help
At Alaska Wealth Advisors, we are dedicated to empowering you to maximize your retirement savings. We offer the following services:
- Rollover Guidance: We provide comprehensive assistance with rolling over unclaimed retirement funds into an IRA or your current employer’s plan, ensuring a seamless transition.
- Pontera Integration: As discussed in our previous blog, Unlock Your Full Financial Potential: Integrating Your Retirement Assets for Optimal Results, we understand the importance of comprehensive portfolio management. If you prefer not to consolidate your accounts, we can use Pontera to actively manage existing accounts. This allows us to provide a holistic view of your portfolio and implement strategic management without consolidation.
- Personalized Financial Planning: We integrate reclaimed retirement funds into tailored financial plans that align with your long-term objectives.
- Professional Guidance: Our experienced advisors are available to provide personalized guidance and answer your questions.
Empowering You to Secure Your Retirement
Reclaiming lost retirement funds is a vital step toward securing your financial future. We encourage you to utilize the DOL’s Lost and Found Database and partner with Alaska Wealth Advisors to ensure you are on the path to a secure retirement.
Contact us today to learn how we can assist you in reclaiming your lost retirement benefits and building a solid financial foundation.
Derek Stone
Associate Financial Advisor
Alaska Wealth Advisors, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Alaska Wealth Advisors’ investment advisory services can be found in its Form ADV Part 2 and/or Form CRS, both of which are available upon request.
Sources:
1 USA Today
