Learn how to find your old 401(k)s, complete a rollover, and consolidate multiple accounts for simpler retirement planning.
Complete Your Transfer in 3 Simple Steps
If you’ve changed jobs a few times, you’re not alone. Millions of Americans have old 401(k)s and IRAs scattered across different providers. Consolidating those accounts into one IRA can help simplify your finances, potentially reduce fees, and give you a clearer view of your total retirement savings.
Step 1: Gather Your 401(k) Information
The first step in your 401(k) rollover checklist is knowing where your money is. Start by listing every company you’ve worked for, whether full-time, part-time, or temporary. If they offered a retirement plan, you might still have an account there.
Check for:
- Old pay stubs, W-2s, or HR emails mentioning retirement benefits
- Plan statements or login details for online accounts
- Contact information for your former employer’s HR or benefits team
Tip: If your previous employer went out of business, you can use the U.S. Department of Labor’s Abandoned Plan Search to help locate the plan administrator.
Step 2: Choose Where to Move Your Money
Once you’ve found your old accounts, decide where you’d like to transfer your savings.
You can roll over your 401(k) into:
- Your new employer’s 401(k): If allowed, this keeps all your workplace savings together but you are limited to the investment options of your workplace plan.
- A Traditional or Roth IRA can help offer more flexibility, wider investment options, and simpler management.
Rolling old 401(k)s into one IRA gives you a unified view of your savings, potentially lowers your fees, and simplifies your retirement planning. You can also choose to keep your old accounts where they are, or cash out, though cashing out typically comes with taxes and penalties.
Step 3: Complete the Rollover
When you’re ready to transfer your funds, there are two main rollover types:
1. Direct Rollover
Your old provider sends your 401(k) funds directly to your new IRA. This can be a simple and safe way to transfer your money because it avoids taxes and early withdrawal penalties.
2. Indirect Rollover
You receive a check for your 401(k) balance and must deposit it into your new IRA within 60 days. If you miss the deadline, you could owe taxes and penalties.
Be Retirement Confident.
Roll over all your old 401(k)s into a PensionBee Individual Retirement Account (IRA). It takes just a few minutes to sign up.
Get startedBringing It All Together with PensionBee
Finding and consolidating old retirement accounts doesn’t have to be complicated. PensionBee helps make it simple to locate and roll over your old 401(k)s and IRAs, guiding you through every step of the process. For a limited time, get a 1% match into any PensionBee IRA for any rollover or contribution you make (terms and conditions apply).
If you can’t find your 401(k) information, PensionBee has access to records for more than 300,000 U.S. employers, helping you track down forgotten accounts with your past employment details.
With a PensionBee IRA, you can choose from diversified investment portfolios with ETFs like SPY and MDY from State Street Investment Management, one of the world’s largest asset managers.
Options include:
- Target Date Portfolio: Adjusts your investments over time to grow when you’re young and reduce risk as you age, for investors seeking a hands-off approach.
- Climate Portfolio: Aims to support sustainability through investments designed for potential long-term growth and a greener future.
- Growth Portfolio: Aims for long-term growth through higher-risk investments, for investors willing to accept more volatility for potential reward.
- Balanced Portfolio: Aims for steady growth and wealth preservation through medium-risk investments, for investors seeking a balance between growth and stability.
- Conservative Portfolio: Aims to preserve wealth through lower-risk investments, for investors who prioritize stability.
PensionBee helps make rollovers simple. Many rollovers happen automatically, but if yours needs extra attention, our personal rollover managers, called BeeKeepers are ready to help by phone, live chat, or email.
Frequently Asked Questions (FAQs)
1. How do I find an old 401(k) from a previous employer?
Start by listing your past employers and checking any old HR documents, pay stubs, or benefits emails. If your employer no longer exists, use the U.S. Department of Labor’s Abandoned Plan Search to locate the plan’s administrator.
2. What happens to my 401(k) when I leave a job?
Your 401(k) stays with your former employer’s plan unless you choose to roll it over. You can leave it there, transfer it to your new employer’s plan, roll it into an IRA for easier management, or withdraw the funds. Keep in mind that early withdrawals before retirement age may be subject to taxes and penalties.
3. Can I roll over multiple old 401(k)s into one IRA?
Yes. Consolidating multiple 401(k)s into one IRA can help simplify tracking, potentially reduce fees, and give you more control over your investments.
4. How long does a 401(k) rollover take?
Most rollovers can take a few weeks, depending on how quickly your old provider processes transfers.
5. What if I can’t find any information about my old 401(k)?
If you’ve lost all account details, start with your Social Security number and employment history. PensionBee can also help search through its database of 300,000+ U.S. employers to locate forgotten retirement savings.
6. Why should I consolidate my retirement accounts?
Consolidation offers a clear, complete view of your retirement savings in one place. It can potentially reduce fees, simplifies recordkeeping, and helps you make informed investment decisions.
