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New Database Helps Locate Forgotten Old 401(k)s for Retirement Money

2024-12-07

When it comes to leaving a job, one crucial aspect that often gets overlooked is the transfer of retirement plans. Many individuals have had multiple jobs throughout their careers and might be unaware of having one or more 401(k)s or other retirement plans. Thankfully, a new federal initiative is set to make a significant difference in locating these forgotten funds.

Benefits of the Federal Retirement Account Database

Tracking down old retirement accounts can be a daunting task, especially when dealing with companies that no longer exist or have a limited online presence. The federal retirement account database aims to simplify this process, ensuring that individuals don't miss out on their hard-earned retirement money. As Chad Gammon, CFP and owner of Custom Fit Financial, mentioned, "It is fairly common for people to forget about retirement accounts that they opened in their 20s and then remember about them 40 to 50 years later. By providing an easy way to check, it would help find a lot of abandoned accounts."

How to Find an Old 401(k) Account Now

Once the database is live, it will make it easier to track down old retirement accounts. However, there are other options available in the meantime. If you think you're missing a retirement plan, start by contacting the human resources department of your former company or the new company if it was bought out. Request the contact information of the 401(k) plan administrator and reach out to them. Patience and persistence are key.If your former company no longer exists, search your records for old 401(k) statements. Even if you've moved, you might still be receiving statements for active accounts. Check your email if you receive them electronically. If you can't find any old statements, there are online search options.Gammon recommends starting with the National Registry of Unclaimed Retirement Benefits, a free nationwide database maintained by Penchecks Trust. All you need is your Social Security number. If that doesn't work, try FreeERISA, a database of Employee Retirement Income Security Act form 5500s. You have to register, but it's free. The Department of Labor also has search tools like its own Form 5500 search and an abandoned plan database.Paid services like MeetBeagle and Capitalize can also assist, but be cautious of hidden fees.

What to Do with the Money in an Old 401(k)

If you find an old 401(k), you have several options. You can leave the money in your old account, but it will continue to accrue interest and grow. However, you won't be able to contribute, missing out on compounding interest. You may also be charged maintenance fees. This might be a good option if you're between jobs or not yet eligible for benefits at your new workplace. Keep track of important account information.Rolling it into a new retirement account is often a smart move. You can roll your 401(k) or IRA into your new employer's workplace retirement plan as long as it's the same type of plan. If your new employer doesn't offer a 401(k), you can move it to a traditional IRA. A traditional IRA has a lower contribution limit but reduces your taxable income. You can roll over your old account online, over the phone, or via live chat, depending on the provider. Be sure to provide the check from the old provider to your current retirement plan within 60 days to avoid tax penalties.However, think twice before rolling your 401(k) into a Roth IRA. 401(k)s and traditional IRAs allow pre-tax contributions, while Roth IRAs require post-tax contributions. Rolling a 401(k) into a Roth IRA means you'll have to pay taxes on the transferred amount during tax season.

Don't Cash Out Your 401(k)

Cashing out your 401(k) when leaving a job is generally not advisable. If you do it before age 59 and 1/2, you'll face a 10% tax penalty and have to pay income tax on the lump-sum amount. If you have less than $1,000 in your retirement account, it may be automatically cashed out. This will significantly reduce your savings when you reach retirement age. If you have questions, it's best to consult a financial adviser or accountant to understand the tax implications.In conclusion, the federal initiative to create a retirement account database is a valuable tool for individuals with forgotten retirement money. By following the steps outlined above, you can increase your chances of finding and properly managing your old retirement accounts.

After months of eager waiting, Indiana Jones and the Great Circle has now made its debut on Xbox Series X|S and PC, with a forthcoming release on PS5 early next year. Fans of Indiana Jones are thrilled to finally have a high-budget game to immerse themselves in. Indiana Jones has been a part of numerous games in the past, many of which left a bit to be desired. However, based on the reviews, his newest adventure stands out by a wide margin.

Uncover the Best Games for Indiana Jones Fans

Uncharted

In Uncharted 4, the final game of the Uncharted quadrilogy by Naughty Dog, Nathan Drake makes a daring leap into the back of a jeep. This globe-trotting adventure series allows you to step into the shoes of Nathan Drake, a world-class adventurer who seems like Indy's long-lost son. The entire quadrilogy is readily available at a very affordable price on PlayStation. There's no reason not to jump in and experience the excitement for yourself.Uncharted isn't your typical archaeologist-driven game, but if you're seeking adventure, mystery, and treasure hunting, it's the perfect choice. It takes you on a thrilling journey around the world, filled with unexpected twists and turns.

Tomb Raider

Lara Croft leaps over a cliff in front of a large, overgrown temple in Rise of the Tomb Raider by Crystal Dynamics. People often compare Uncharted to a Tomb Raider rip-off, but why not go straight to the source? Lara Croft is not only a treasure hunter and a globe-trotter but also an archaeologist, just like Indy. The modern Tomb Raider trilogy, including 2013's Tomb Raider and its sequels, Rise of the Tomb Raider and Shadow of the Tomb Raider, is truly remarkable. It's available on almost every platform except the Switch and can often be purchased for just a few dollars.This trilogy offers a similar sense of adventure and exploration as Indiana Jones, with Lara Croft facing various challenges and uncovering hidden treasures.

Phantom Abyss

Phantom Abyss is one of the more recent additions to the list. It was released in full in January 2024 after a lengthy early access period on Steam. In this first-person action adventure game, you play as Indy himself, running through trap-protected temples while wielding a whip in hand. It's a fast-paced and extremely fun experience, and it stands out as one of the best games on Steam.The game's attention to detail and the sense of being in the shoes of Indiana Jones make it a must-play for fans.

Broken Sword

In Broken Sword, you play as George Stobbart, a patent officer and bail bondsman who finds himself in wild situations all over the world. The game is packed with adventure, ancient temples, and numerous riddles to solve. It's not your typical Indiana Jones game, but it definitely fits the bill when it comes to providing an exciting and immersive experience.George Stobbart's journey takes him to different corners of the world, encountering various obstacles and mysteries along the way.

Wolfenstein

BJ Blazkowicz stands atop a mountain of Nazi helmets in the key art for Wolfenstein 2: The New Colossus by MachineGames / Bethesda. If you love the part of Indiana Jones where he takes down Nazis, then the Wolfenstein series is for you. Particularly MachineGames' modern series, it's a first-person shooter that also doubles as a brilliant action-adventure game. BJ Blazkowicz is a fantastic protagonist who, like Indy, has a talent for taking out Nazis. You'll find yourself engaged in intense battles throughout The New Order and The New Colossus.MachineGames even went on to develop Indiana Jones and the Great Circle, and you can see the shared DNA between the games, making it a natural starting point for those looking forward to the latest Indy game.

Escape Academy

Solving mysteries and escaping from dangerous situations are two of Indy's specialties, and Escape Academy allows you to enhance your skills in these areas. This indie co-op game is essentially a series of themed escape rooms that test your puzzle-solving and teamwork skills. You'll feel like an Indy-in-training as you work together with friends or partners to overcome the challenges.It's a great little experience that offers a unique and engaging gameplay.

The Legend of Zelda: Tears of the Kingdom

Okay, hear me out. On the surface, Tears of the Kingdom may not seem like it fits the Indiana Jones mold. It's a fantasy world with goblins, magic spells, and time travel, which don't seem to align with the Indy vibe. But think about it. Travelling the world, solving puzzles in shrines, and diving into temples to extract magical relics - that's where the similarity lies. It might be a bit of a stretch compared to some other games on the list, but sometimes it's all about the feeling, and Tears of the Kingdom has that special something.The game offers a diverse and immersive world that keeps you engaged as you explore and uncover its secrets.

Crash Bandicoot

In some levels of the original Crash Bandicoot trilogy, you'll have to run through tricky courses while avoiding a giant boulder. While it's hard to say for sure if these levels were directly inspired by Indiana Jones, given that the first level with this gimmick specifically references Raiders of the Lost Ark, it's likely that there's a connection.Crash Bandicoot's adventures take you on a wild ride through different themed stages, adding an element of excitement and challenge to the gameplay.

Blizzard Entertainment has long been renowned for its stance of not setting release dates for games. In the early 2000s, when asked about upcoming titles like World of Warcraft, the Blizzard staff would consistently reply with "It’ll be ready when it’s ready." This philosophy emphasized the importance of quality over time. Legend has it that this mantra dates back to the first Diablo, which was supposed to be released for Christmas 1996 but came out in January 1997 due to a last-minute delay. Despite missing the holiday sales window, Diablo was acclaimed and sold well, proving the old game industry maxim that a delayed game is eventually good, but a bad game is bad forever.

Rod Fergusson's Disagreement

Rod Fergusson, the general manager of the Diablo franchise and a senior leader at Blizzard, has a different perspective. During a recent video interview, when asked about the 15-month gap between the release of the base Diablo 4 and the Vessel of Hatred expansion, he expressed his dislike for the "it’ll be ready when it’s ready" phrase. He recalled that when he first joined Blizzard and saw a slide with this phrase, he immediately demanded its removal. Fergusson believes in the power of schedules and deadlines and objects to the passive "ready when it’s ready" thinking on a philosophical level.He explained, "It takes the agency away from the team. Saying 'it’s ready when it’s ready' means the team doesn't have control over what they're building. You control the scope, the schedule, and a bunch of things. The idea that the game has to reveal itself with an unknown amount of content... It's frustrating." Fergusson prefers a more proactive approach, comparing it to growing a flower. He said, "I like to be like, 'Hey, we’re going to grow a flower that’s going to bloom at about this time, and we’re going to make sure that happens because we’re going to do all the right things to make sure it happens.' He emphasized that quality remains his top concern and that the team controls the time and quantity.Fergusson's reputation as a closer precedes his time at Blizzard. Before joining in 2020, he was known for saving troubled productions at Epic Games and Irrational Games. His love for Diablo brought him to Blizzard, where he used to set up three TVs in his house to play with his kids every Christmas. He shared an anecdote about his youngest child, who would spend an hour looking at vendors while they waited to play together.Despite his strong beliefs, Fergusson still didn't disclose when the next Diablo 4 expansion will be out. He believes in controlling the process and ensuring quality but leaves the specific timing up to the team's efforts.