People 74 and Over Have More Than $38 Million in Unclaimed Retirement Plans
Finding a big pot of lost money may seem like a fantasy. But for millions of retirees, this could be a reality. In fact, according to a recent study by the Center for Financial Security at the University of Wisconsin-Madison, retirees 74 and over have a collective $38 million in unclaimed retirement accounts. And this is a conservative estimate.
These unclaimed accounts exist because workers sometimes change jobs and, if they don't roll over their retirement funds, may eventually end up forgetting they have an old account with a little cash in it. Unclaimed money is sometimes, but not always, turned over to the state.
The Center for Financial Security reviewed unclaimed-accounts databases for each state. But because not all employers turn over unclaimed plans, there may actually be even more money out there that retirees are entitled to but aren't taking advantage of.
Source Fool.com
