Imagine a few thousand or even few hundred dollars in retirement money lost.
Apparently that’s not so uncommon. With auto enrollment in many 401k plans some workers don’t even realize they have savings. Change employers every few years and it may not be so hard to lose track. Forget to notify a plan of a new address and nobody knows where you are. Or perhaps it’s just carelessness; a lost or uncashed check.
Whatever the reason, unclaimed funds can adversely affect a future retirement even if today the amount involved seems small.
You work hard for your retirement savings, so you don’t want to lose track of those funds. But, according to the U.S. Government Accounting Office (GAO), 17 states reported a total of $35 million in unclaimed retirements funds in 401(k)s and Individual Retirement Accounts (IRAs) in 2016. Now, considering there was $28.2 trillion in total retirement market assets in 2017 , according to the Investment Company Institute, $35 million is just a drop in the bucket.