There is a lot of unclaimed money sitting in a government bank account right now just waiting to be claimed by its rightful owner. However, many people are unaware that they have unclaimed money waiting for them, and the only way to know that there is unclaimed money is to track it down yourself. There are many reasons as to why a person could have unclaimed money. They could have left a checking account open and forgotten about it when they moved, they could have left a security deposit with an apartment complex when they moved, or they could have had a safe deposit box in a secure location that had been left behind. One of the most common reasons that a person has unclaimed money is because they have retirement money that was left behind. There are many ways to track the money down, as well as find out if you are owed any money. Understanding how will help you get your money faster.
People can often leave their retirement money behind if they change jobs, or they move away. They could have a small or large amount built up with an employer through their retirement account, and that money is rightfully theirs. Sometimes, an employer will contact the employee who has left the funds in an account with them. Other times, an employee will realize that they left their money behind and contact the old employer to initiate a transfer. The money will always be ready for the employee because the employer cannot take away the funds for themselves. If you are an employee and you are searching for your funds, the best place to start is with your old employer. If you do not want to contact them, or you are an employer or estate manager trying to find retirement funds, you can use the website UnclaimedRetirementBenefits.com in order to claim your money, or find the person who the money belongs to.
There are many different people who can claim the retirement funds that are unclaimed. The first person that should claim the money is the holder of the money. For instance, the account holder who had a retirement plan with a past employer will be able to claim their unclaimed funds without a problem. However, there are some instances when an account holder is not able to claim their funds. This is when family members, estate managers, or the beneficiaries of an account will have to step in. If the account holder has passed away, or is ill and cannot do the leg work to claim their money, these people will be able to contact past employers, or look on the websites in order to find the unclaimed funds.
Most of the time, an old employer will be happy to help you get your retirement funds. If you no longer work with the company, and your funds are still with that company, you are taking up valuable space in their system. However, if a company neglects to pay you funds that are yours, or they say they do not owe you funds that you know you have, you may have to get legal action. This is a very rare occasion, but you should be aware just in case.
There are many unclaimed retirement funds just waiting for their owner to come and claim them. If you believe that you have retirement money that is unclaimed, you should contact you previous employer, as well as look at unclaimed retirement fund websites to find your money.
