How to track down unclaimed property and maximize your retirement savings

With many people concerned about saving enough for retirement, it's important not to leave any money on the table.

We are pleased to welcome back Kristin Afelumo from Her Planning to discuss how to ensure you don't miss out on any opportunities.

Don't Leave Money on the Table: Tips to Find Your Lost Funds

With many people worried about saving enough for retirement, it's important to ensure you don't lose any money along the way. Kristen Afelumo, a financial planner, joined us to share her advice on how to track down any lost funds.

"You would be shocked how many people I talked to that either have had money in an old 401(k) for years, three jobs ago, or just think they might have some money, but don't know how to figure out if it's there or not."

Searching for Unclaimed Property

Afelumo recommends starting by checking your state's unclaimed property database.

"Before coming in here, I just did a search online for finding lost money in Oklahoma. And believe it or not, the state of Oklahoma's Treasury Department has a very simple process for unclaimed property, which I'd recommend everyone take a look at today, and you can just put in your last name and first name, and see if there's any unclaimed property out there in your name."

This could include old paychecks or investment accounts you've lost track of over the years.

Tracking Down Old 401(k) Accounts

For 401(k) accounts, Afelumo advises making a list of all your past employers and reaching out to their HR departments.

"Specifically when it comes to a 401(k), though, you're going to want to check with your old employers, and so that would mean making a list of all the places you've worked, and reaching out to the HR department, typically, and just asking them who was our provider for the 401(k) when I was there, and then going through the process with that financial institution."

Many providers, like Fidelity, allow you to search for lost accounts online.

Preventing Future Losses

To avoid losing track of funds in the future, Afelumo emphasizes the importance of staying vigilant.

"You will always get something in the mail if you have money and a retirement plan through your job, they will always send you something. It won't be right away, I would say, usually about 30 days or so after you leave. So keep an eye on that. You may also receive an email notification."

By taking these steps, you can ensure you don't leave any money behind.