Have you ever come across a $20 bill you had forgotten you’d tucked into a pants pocket or drawer? Sometimes retirement accounts and life insurance policies can also get lost or forgotten if you aren’t careful to keep track of where everything goes. How do you locate what you’ve lost?
(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)
Have you ever heard the phrase “finders, keepers”? When you find something, this sounds like a good deal…but not so much if you lose something. What happens when you lose or leave behind money? Do you know how to access all of your accounts?
Often people will contribute to a 401(k) but then when they leave the job or move away, it sometimes gets lost in the shuffle. Or, people will invest in so many accounts that they can’t remember everything they have. Brian says this can feel a little bit like searching for a lost sock. If the account is small enough you might give up easily. But is there a way to consolidate and keep track of everything?
While it might feel like a bit of hassle and extra paperwork now, organizing your accounts is one way to take care of your loved ones. By communicating all of your various accounts, life insurance policies, and investments to your financial advisor, you will leave less confusion for your children or heirs when they have to sort it all out.
Listen to the full episode or click on the timestamps below to hear a specific segment.
[1:20] – Often money in a 401(k) is lost or forgotten when people leave a job.
[3:36] – What happens if you don’t take enough of your RMDs?
[4:54] – You can invest in thousands of different investments through one account.
[6:04] – Life insurance is also often forgotten about, especially with smaller policies.
[8:02] – Organizing your accounts is a way to love your family members.
Brian Bowen – Contact