Unclaimed Money

There are billions of dollars worth of unclaimed assets in America. It's important to marshal your assets, particularly as you approach retirement. If you've been careful about your finances, chances are that you have everything that you're entitled to. But there are places you can check to make sure you haven't left any money on the table. Remember that you may have money coming to you directly, or perhaps from a deceased family member through inheritance. That means you should check under your name and the deceased person's name. And if your spouse is busy unloading the dishwasher, you may want to check for him or her as well.

Old bank accounts, shares of stock, insurance policies, annuities, uncashed checks, unredeemed money orders or gift certificates, security deposits, contents of safe deposit boxes, customer overpayments, and other financial assets must be turned over to the state of the customer's last known address, if the customer has not made any contact or engaged in any activity for a period of time (such as a year or more). You can search at www.missingmoney.com. Also, you can go to www.unclaimed.org to get more search options (this site can link you to each state's treasurer, which allows you to search individual states).

You can check for an unclaimed federal income tax refund at www.irs.gov. Use the "Where's My Refund" feature on the front page. State tax agencies usually provide a way to check online for the status of a refund.

If you worked 10 years or more for an employer with a pension plan, you may have earned the right to a pension, even if you no longer work there. You can check with the employer. If it has gone out of business, its pension may have been taken over by the Pension Benefit Guaranty Corp. This is a federal agency that guarantees pension benefits up to a limit (around $49,500 for pensions with a single beneficiary). You can check at https://search.pbgc.gov/mp/ to see if you might have a pension claim. Even if your name doesn't appear in this search, you may want to find out if the pension plan is now being administered by the Pension Benefit Guaranty Corp. Search at www.pbgc.gov/workers-retirees/find-your-pension-plan/content/page676.html. There's always a chance your name is spelled differently in the government's records, so you should find out who's taken over the plan and then figure out how to establish any claim you may have.

What if an old employer had a 401(k) plan, and you want to check to see if you have an account? Contact your old employer. If your old employer has gone out of business, you can search a Department of Labor website for information: www.askebsa.dol.gov/AbandonedPlanSearch.

Of course, keep track of your Social Security benefits. You should get an annual statement from the Social Security Administration. If you need to request a copy, go to www.ssa.gov/mystatement. Remember that not only do you get benefits, but your spouse and perhaps even your dependent children may get benefits. This is something we discussed earlier at blogger.uncleleosden.com/2007/05/mysteries-of-social-security-retirement_03.html. Make sure eveyrone in your household gets the benefits to which they're entitled.

For more detail about unclaimed money and property, please visit Uncle Leo's Den at
www.uncleleosden.com/Step16Foundation.html#marshal. For more information about Social Security, read our May 1, 2007 blog blogger.uncleleosden.com/2007/05/mysteries-of-social-security-retirement.html, and May 2, 2007 blog, blogger.uncleleosden.com/2007/05/mysteries-of-social-security-retirement_02.html.

Animal News: if you're stressed out by work and want an escape, here's a soothing animal story. www.wtop.com/?nid=456&sid=1143000.