Are You Missing Out on Unclaimed Retirement Benefits?
As you already know, many employers offer retirement benefits to their employees. Some might even match the contributions you make to your retirement account. But if you’ve ever changed careers at some point, you might have left behind some benefits.
Another scenario is that your employer goes out of business. In the ensuing frenzy to find another job, many people overlook their retirement benefits or assume they went up in smoke with the former employer. Not so!
And yes, some people do actually forget about this – especially benefits from jobs many years ago.
So, is it possible you have unclaimed retirement benefits out there somewhere? If you suspect this might be the case, you can take the following actions to find out.
- Contact your former employer. If they’re still in business, simply contacting their human resources department should give you an answer.
- If your former employer transferred your plan elsewhere, or the company no longer exists, you can search the Department of Labor’s abandoned plan database.
- For those who were formerly on pension plans, you can search the US Pension Benefit Guaranty Corp database to learn whether they have an unclaimed pension in your name.
- And finally, you can simply search the National Registry of Unclaimed Retirement Benefits to see if any money is owed to you.
- If you’re a veteran, get more information from the Veteran’s Affairs pension site.
Remember to search for both your own unclaimed benefits, as well as those of your spouse. If your spouse is deceased you might still be able to claim their assets.
If something does turn up, what would you do with the unexpected windfall? Give us a call to discuss your options, and we’ll help you put together a retirement plan that suits your lifestyle and goals.
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In addition to managing clients’ money and giving investment and diversification advice, Mark offers something that “the other guys” don’t - a unique approach to Retirement Tax Strategies and distribution. Time and time again, Mark meets with new clients who tell him they have a great relationship with their financial advisor but have never been offered information on this kind of approach to securing their financial futures. Mark has taken this feedback to heart and works tirelessly to ensure that his strategies focus on taxes and distribution.
Mark started selling insurance for a major insurance company right out of high school to help put himself through college. After graduating with a degree in finance, he dove into estate planning on the financial side to set himself apart from other financial advisors. However, as changes were made to estate tax laws over time, Mark shifted his focus to income tax strategies.
Mark’s philosophy is “the blue prints are more important than the wall paper or carpet.” The wall paper and carpet represent products like investments and insurance policies, whereas the blue prints represent the strategies. Once strategies that truly fit the client’s needs are put in place, our focus can shift to providing you with the right products. According to Mark, “It doesn’t matter what carpet we use if the walls are not in the right place.”
Our approach to money management is designed to generate the largest alpha (quality) with the lowest standard deviation and beta (risk). By doing this, we help provide clients with the highest return on the lowest risk. Generating income for our retirees is also very important. Because withdrawing money from your portfolio hurts the account rather than helping it, our goal is to design income strategies to harm the portfolio the least making the money last longer.