Lost 401Ks and Pension Accounts
Lost 401Ks and Pension Accounts - In Estate Planning Everything Needs a Home By Melinda Gustafson Gervasi July 13, 2021 Pop culture routinely tells us that the human mind is meant to be creative, solving problems, and dreaming up new ideas. The brain, they claim, is not meant to hold a laundry list of to-do items or an inventory of our assets. Attempts to go against the grain inevitably leave us standing in the produce aisle of a grocery store scratching our heads about what items we need to buy in order to fix dinner. The same pit-fall captures quite a few of us when it comes to our retirement dollars. According to CNBC from 2004 to 2013 more than 16 million 401K and pension accounts, with a balance of $5,000 or less, were left with a former employer. In total, $8.5 billion was lost and not usable by retirees. As a result, there is a current legislative proposal aimed to help connect individuals with lost accounts through a national “lost and found” ...