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Dear Trust Officer:
I’ve had a dozen or so different employers in the course of my career. Some of them had retirement plans, some didn’t. I’m certain that I did contribute to more than one 401(k) plan over the years, but I’ve lost track of them, and some of those employers are no longer in business. Is there any way to find my lost retirement savings?—CARELESS SAVER
Dear CARELESS:
If it’s any consolation, you are not alone. It has been estimated that there are some 29 million forgotten 401(k) accounts, and they are worth approximately $1.65 trillion [see https://www.hicapitalize.com/wp-content/uploads/2023/06/The-true-cost-of-forgotten-401k-accounts-2023.pdf for details]. The number of forgotten accounts is growing each year.
Step one, check the Department of Labor’s Retirement Savings Lost and Found Database [https://lostandfound.dol.gov], which was established in 2024. The database will use your Social Security Number to find your pension or 401(k) account. This will only show your participation in a plan, not your account balance, but will provide information for taking the next step.
Step two is contacting the retirement plan administrator at your previous employers to determine the value of your account. Contact information for plan administrators may be found in the Department of Labor’s database of Form 5500 [https://www.efast.dol.gov/welcome.html], which must be filed each year by retirement plans.
Good luck!
Article ©2025 M.A. Co. All rights reserved. Used with permission.
The “Protecting and Preserving Social Security Act” [H.R. 4968] has been reintroduced by Senator Mazie Hirono, D-Hawaii, and Representative Jill Tokuda, D-Hawaii. The major change would be the ending of the cap on amount of earnings subject to the Social Security taxes, currently $176,100. A seven-year phase-in would be used to implement the tax expansion. In the first year, amounts in excess of the cap would be taxed at 1.8%, and each subsequent year the tax rate would increase by 1.8% until a tax rate of 12.4% is reached. According to the Social Security Administration’s Office of the Chief Actuary, adoption of the legislation would push the projected depletion date for the Social Security trust fund from the current 2035 to 2054.
The legislation would provide a slightly larger Social Security benefit to those whose taxes are going up. Apparently, the expanded tax would not apply to unearned income. The legislation also calls for the creation of a new measure of the cost of retirement living by one that more closely represents costs the elderly face, to be designated CPI-E.
The outlook for this legislation is uncertain, but as the date of the depletion of the Social Security trust funds approaches the Congress will have to be exploring some options. This might be a starting point.
Article ©2025 M.A. Co. All rights reserved. Used with permission.
Thanks to the One Big Beautiful Bill Act (OBBBA), up to $25,000 in tips may be earned free of income taxes (Social Security taxes will still have to be paid). The IRS has issued a preliminary list of 68 occupations that customarily received tips as of December 31, 2024; these are the eligible occupations for the new tax benefit.
The 68 occupations are grouped into these eights categories:
The list is not final, but major changes are not expected to be made. However, the guidance also includes fields that are excluded from tax-free tip treatment. These include health, performing arts, and athletics.
See your tax advisor to learn more, if you think your tax liability may be affected by the change.
Article ©2025 M.A. Co. All rights reserved. Used with permission.
According to a recent item in The Wall Street Journal, there are more than 16 million Americans over age 65 who are living alone. That’s about 28% of that age group, which is triple the rate in 1950, thanks to greater longevity and higher divorce rates among older adults. Throughout the life cycle, financial planning for singles differs from planning for couples. Obviously, there is only a single set of assets to work with, and no surviving spouse to plan for. Less obviously, taxes are higher for singles, and they have no partner to fall back upon in case of adversity.
These differences become especially acute for single seniors, as they have less room for error in their financial management. When the single senior is a widow or widower, it often is the case that the deceased spouse was the financial manager for the couple, making singlehood doubly difficult.
Get started
Putting one’s financial house in order is generally the first order of business. One must determine financial needs for the balance of retirement and assess the resources available to meet those needs. Tax planning and investment strategies will need to be reviewed and monitored.
Some experts counsel seniors to consolidate their financial accounts when possible. Fewer accounts will mean less paperwork, freeing up time to monitor each remaining account more closely. Making the paperwork more manageable will make it easier to stay on top of bills, avoiding late fees and reducing interest charges. One may also notice a discrepancy or be able to take advantage of an opportunity, given more time for review.
A net worth statement may tell you where you stand and help to create organization for your financial management. Your net worth is the sum of your assets minus your liabilities. If it’s a negative number, you will need to face reality and develop a plan to get out of debt. A net worth statement will also help you to determine the insurance coverage that you need to protect your assets.
Financial planners generally recommend having an emergency fund sufficient to cover nine to 12 months of your expenses. Keep your debt and your recurring expenses as low as possible, and try to have living quarters that fit you.
Critical questions
For single seniors, the most vexing problems are associated with incapacity. Should you become incapacitated, temporarily by illness or permanently through aging:
The first solution that comes to mind for these questions is the financial durable power of attorney. This document allows another person to step into your shoes, financially speaking, and make binding decisions on your behalf. A durable power of attorney may be as broad or as limited in scope as needed to make you comfortable. You’ll need to see your lawyer to have the power of attorney drafted and executed.
Another axis of anxiety concerns health care. In this area, you may need:
The benefit of a living trust
Affluent individuals often rely upon a living trust for financial management in retirement. A living trust can provide financial protection in the event of disability or incapacity, as a durable power of attorney does. However, a living trust offers additional advantages, such as financial privacy at death and probate avoidance. If a corporate trustee is named as the trustee, there will be the advantages that come with working with an institution compared to an individual.
A living trust is not a panacea; it doesn’t solve every financial or investment problem. Still, a trust can be the cornerstone for successful financial and estate planning.
Article ©2025 M.A. Co. All rights reserved. Used with permission.
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