Donna Reyes

The beauty of permanent life insurance is what it does while you aren’t paying attention to it: accumulate cash value. That’s money you can tap during a time of financial uncertainty.

My client lost her 401k money.

Or at least she does not know what happened to it.

It was her 401k from a previous employer. She left it with the company when she left her job. Years passed and she did not check until she decided one day to rollover all her old 401k funds into one account. There were two others and she was able to track those but not this one.

She called her old employer and they said they could not find her records. They said to call the plan administrator. She called the plan administrator and they said they could not find her records and that they merged with another company. She called that other company and they don’t have her records either.

I started in the financial services business in 1999. In my years of helping people manage their retirement money, I always advise that they take their 401k with them wherever they are going. They can either roll the money over into the 401k with their new company or open their own retirement account (depending on financial goals) but never leave the money.

What happened with my client may be rare, but it could happen. If you changed jobs at some point in your career and did not move your money with you, call your old employer TODAY. If you need further guidance, send me a message and I will help you.

⚠️If you’re not 59.5 years old, do not withdraw the money or you’re likely to lose as much as 40% in penalty and taxes. You have other options. Again, I can help you.