Where’s Your Retirement Savings?

Take control of your retirement savings! Take these three steps to track down the 401(k)s, 457s and other retirement accounts you may have opened over the years.

The journey to retirement can include several jobs and each may have its own retirement account. It’s easy to lose track of these accounts but knowing where they are and how much money they contain is an important part of getting prepared for retirement.

Follow the steps below to take control of your savings:

• Step 1: Write down all your accounts. Think back to all the jobs you’ve held. Did you open retirement accounts with them? Write down any 401(k)s, 457s and pension accounts (like TCDRS) you’ve opened during your career.

• Step 2: Reconnect with your accounts. Make sure each retirement account has your current beneficiaries and mailing and email addresses on file so you don’t miss important information. If you can’t access the account online, make a call to the organization to find out what you need to do.
  
  Once you’re connected, check out your account balance and rate of return. If you set up the account earlier in your career, the asset class mix and growth rate may not match where you are in your career right now.

• Step 3: Roll them into one. Don’t want to track multiple accounts? Consider rolling them over into a single Individual Retirement Account (IRA), 401(k) or 457. (TCDRS can’t accept rollovers). If you do roll over your accounts, consider adding as much fresh money as you can each year. If you’re 50 or older, IRS rules say you can contribute up to $7,000 per year into an IRA, and $26,000 into a 457 or 401(k). For more personalized advice, consider speaking to a financial planner.

Personal Finance