Millions of Americans have lost track of retirement savings from previous jobs. In fact, $1.65 trillion is sitting in forgotten 401(k) accounts—or about 25% of all 401(k) assets1—presenting a significant opportunity for you to provide a valuable service to your clients.
FIGURE 1: TOTAL FORGOTTEN 401(K) ACCOUNTS AND ASSETS
Source: Capitalize, from “The True Cost of Forgotten 401(k) Accounts (2023)”
The U.S. Department of Labor’s new Retirement Savings Lost and Found Database makes it convenient to locate these missing funds. This free online resource helps workers and their beneficiaries track down unclaimed retirement plans, including 401(k)s and pensions.
FIGURE 2: HOW TO LEVERAGE THIS TOOL FOR CLIENT SUCCESS
Source: Guggenheim Investments
Related Article: Putting pullbacks in perspective
Boost your business and client relationships
By helping clients reclaim lost retirement assets, you are demonstrating your commitment to their financial well-being. This proactive service helps differentiate you from the competition and strengthens client relationships.
1. Capitalize, “The True Cost of Forgotten 401(k) Accounts (2023),” June 2023.
The opinions expressed in this article are those of the author and the sources cited and do not necessarily represent the views of Proactive Advisor Magazine. This material is presented for educational purposes only.
Reprinted by permission from Guggenheim Investments.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax, and/or legal professional regarding your specific situation.
Guggenheim Funds Distributors LLC.
Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners and manages assets across fixed-income, equity, and alternative strategies. Guggenheim Investments focuses on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. They offer frequent market commentary and white papers for their clients and the investment community. www.guggenheiminvestments.com
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