Now that you’ve had time to adjust to the kids being back at school, consider taking a personal financial “inventory.” It’s a great way to mark World Financial Planning Week, which is Oct. 6-12 – prime time to dig out those old 401(k) statements, reset your login password, and see what’s been happening with your retirement accounts from jobs long since past.
Many of us have forgotten, or “ignored,” 401(k) funds sitting somewhere. It might be a few thousand bucks, or, if you’re lucky, it might be a sizable chunk. Regardless, give yourself the gift of your own money; that is, instead of looking lost like the character in the cartoon above, address that nagging thought: “I wonder where that money is."
Is My Old Company Managing My Funds?
Suppose you have three accounts dating back several decades from three different jobs. Who has been managing those accounts? You don’t work there anymore, but your money was put aside through that company, which had a matching program. Does that mean they are still managing it for you, or is that being handled by the firm with whom your company was associated at the time? What if that old company has been sold?
Set aside some time this week to track down these old accounts. They might have been a traditional Individual Retirement Account (IRA), a 401(k), a Tax-Sheltered Annuity (TSA), or maybe even a pension.
Be Proud Of Yourself For Taking Action
While everyone’s retirement savings picture is different, typically, when we meet with clients who fit this bill, they are nervous or even a bit embarrassed. There’s no need to be. We are so excited you’ve made the decision to get your financial affairs in order. So consider this example, for representative purposes only.
“Maria” calls our office after a client of ours tells her how we have created a retirement savings plan that meets her goals. We chat for a few minutes, and she tells me about her forgotten 401(k) accounts. So I ask, “Do you still receive statements?” She says she hasn’t in several years. So I urge her to dig up the old monthly statements, bring them to the office, and we’ll sort through them together.
Armed with a phone number, an account number, and patience (due to multi-factor authentication security), she and I work together and determine that, in total, she has put aside over $30,000 in nearly 20 years working for three different companies. We devise a plan that optimizes her investment potential. We complete a risk assessment, determine which funds should go where, and now, as Maria nears retirement, she’s planning all sorts of fun and rewarding trips and activities – all because she has taken that first step to recover her money from her accounts to plan her retirement.
The same good fortune could await you.
Everest Financial Inc. Is Ready To Help
You work hard so you can cover all your bills now and hopefully enjoy a relaxing retirement later. So let’s find those "Forgotten 401(k) Funds" and turn them into your “Remembered Retirement Reserves.”
Whether it’s $30,000 or $3,000, I encourage you to make an appointment with me so we can make that money work for you. Call me today at 859-291-9290, visit everestfinancial.net/contact, or stop by our office – 305 Artillery Park Drive, Suite 202, in Fort Mitchell, KY.