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Contact Information Change?

I used to work for a company that had 401k and I would like to change my contact information so I can access it when I need to, much later in life.

Jun 16, 2015 by Desiree in  |  Flag
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This is a very common occurance... leaving a job and also leaving your 401(k) behind. Over years and decades, people tend to lose track (and control!) of their assets.

As mentioned earlier, there are two steps. First and foremost, contact the HR department of your old firm and ask them to update your contact information. The second step is rolling the 401(k) over into an IRA that you control. I believe that consolidating your accounts into as few as possible will yield more understanding regarding your financial situation.

Good luck!

Randy

Comment   |  Flag   |  Jul 17, 2015

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Michael Baker Level 7

Desiree,

You may want to consider rolling your 401(k) assets into an IRA. This will accomplish your goal of updating contact information by establishing a new IRA, and it will also give you complete control over the assets. Another option might be to roll the assets into a current employer's plan.

Regardless of what you decide to do the best way to accomplish your goal of updating the contact info is to contact the plan administrator (fidelity for example) or contact your old employer's HR department.

Many advisors specialize in helping clients with exactly this type of process. Hope this helps.

Cheers!

Comment   |  Flag   |  Jun 16, 2015

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Desiree,

You should contact the HR department of the company that you worked for. They should be able to handle your request.

Now, I would like to reiterate Michael's answer, that you should look into rolling the account over to an IRA (Individual Retirement Account). This will allow you greater freedom with the investments that are available now and give you greater freedom when you want to access the funds later in life. A financial planner will be able to guide you through these choices.

David

Comment   |  Flag   |  Jun 17, 2015 from Lititz, PA

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Steve Casull Level 13

Desiree, I know nothing about you that a GOOD Financial Advisor should know to be a good source of advice. Especially in these times. This is the hard part of these questions and answers. I'm going to be respectful, yet BLUNT here. You need to find yourself a good Financial Advisor. Shop around. Don't be lazy. You can go to this website for suggested questions to ask potential Financial Advisors: http://casullfinancialadvisory.com/Answers You need to Open up your own IRA and roll that 401K money over to your own IRA asap. Do not roll that money into another employer 401K plan. Why benefit them with increased balances? It would limit your advantages.

Comment   |  Flag   |  Jun 17, 2015 from South Jordan, UT

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Desiree, you can go to the 401k website and from within there change your contact and don't forget to include your personal email to get updates. You can also call the plan recordkeeper or HR.

I echo the sentiment of the other advisors, it is already difficult for most people to manage a single 401k account but if you don't consolidate accounts it becomes nearly impossible to manage several 401k accounts. Move it over to an IRA (not a taxable event) and either self manage it or have a trusted advisor manage the account for you.

Best of luck and don't stop saving!

Carlos

Comment   |  Flag   |  Jun 18, 2015

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Brian Kuhn CFP® Level 17

Perhaps this article is helpful. http://www.brightscope.com/financial-planning/advice/article/24529/10-Ways-To-Find-An-Old-401K-Plan/

Comment   |  Flag   |  Jul 29, 2015 from Fulton, MD

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