Millions of Americans may have forgotten retirement money tied up in old 401(k)s or pensions from previous jobs. The U.S. Labor Department has introduced a free online search tool designed to help individuals track down these lost assets. In its initial year, nearly 30% of users successfully identified an old workplace retirement account linked to their Social Security number.
The Retirement Savings Lost and Found Database is currently available for individuals aged 65 and older, as they are more likely to benefit from locating these funds sooner. To access the database, users will need to log in via Login.gov and provide their Social Security number, legal name, date of birth, and a valid driver's license. The search covers private-sector employer and union retirement plans, but excludes government, religious organization, and individual retirement accounts.
For those under 65, alternative resources are available. The Pension Benefit Guaranty Corporation's Missing Participants Program can assist with terminated employer plans. Additionally, the National Registry of Unclaimed Retirement Benefits and the FreeERISA website offer further avenues for locating lost 401(k) and IRA accounts.