How to Log In and Check 401(k) Balance in 3 Easy Ways (2024)

What should I do once I’ve found my 401(k)?

Success! If you’ve found your old employer’s 401(k), you have a few options:

Do nothing

This works if you’re happy with the 401(k) as it’s currently invested, and you’re satisfied with the account in its entirety (this includes fees, customer service, etc.)

Best if:

You have an inexpensive, simple 401(k) plan that serves your needs adequately, and you also don’t have many other accounts.

Cash it out

You always have the option of cashing out your 401(k), or taking your retirement funds out of the account to use in any way you wish. But be aware that the IRS will come knocking: you’ll be on the hook for federal, state, and local taxes, plus a 10% early withdrawal penalty if you’re under the age of 59.5. Doing so before then will incur an early withdrawal penalty.

Best if:

You have a small balance (only a few hundred dollars or less) and don’t want to take the time to go through with a rollover.

Roll it over to an Individual Retirement Account (also known as an IRA account)

Consider rolling over your 401(k) to an IRA. Most IRAs will offer a wider range of investment choices than most 401(k)s, sometimes even including index funds or mutual funds. Some IRAs may also have significantly cheaper fees, depending on the 401(k) provider. You’ll want to be aware of IRA contribution limits if you’re looking at opening a new IRA.

Best if:

Your 401(k) plan is unnecessarily complex or expensive, or if you want to invest in securities other than mutual funds. Also can help you bring brokerage accounts under one roof. Rollovers generally indicate that you’re keeping on top of your finances, even though they aren’t mandatory.

Merge it with your current 401(k)

This could be for you if your current employer offers a 401(k) plan, and one that allows 401(k) “roll-ins”. If so, you can bring your old 401(k) over to your new plan, which keeps things under one roof.

Best if:

You value the 401(k) structure and believe your new employer’s 401(k) plan is superior to your previous one. Merging your 401(k) can also simplify your finances and make management easier. Note that you may miss out on some investment choices and options, like mutual funds or index funds, depending on your current 401(k) plan provider.

Additional considerations

No matter what you decide to do with your nest egg, give it some thought first. Generally, fewer accounts will be easier to maintain and invest optimally, but you might not need to move your 401(k) if it’s serving its purpose in its current location.Always have your retirement goals top of mind before you make a call. It can even be helpful to get investment advice from a financial advisor, who can better help you understand your investment choices and craft an investment strategy with you.

Consider exploring your investment options and strategy

Beyond checking your balance, consider reviewing how your money is invested and the investment options available to you at your company. From there, take your 401(k) balance in the context of your broader financial picture to determine how much risk is appropriate.

The process looks the same whether you have a traditional, tax-deferred 401(k), or a less-common Roth 401(k). If you have both, you might see the balances broken out by tax status once you locate your account.

Consider consolidating your retirement funds

From there, you’ll have slightly different options when it comes to moving the accounts (i.e., you’d only be able to roll over a Roth 401(k) into a Roth IRA), but to check your balance, there’s nothing more to think about.

If you need help, don’t be afraid to ask for it. You can either reach out to your 401(k) provider directly, or you can seek the help of a qualified fiduciary advisor, like a Certified Financial Planner (CFP(R)) practitioner. They can help you make an informed decision on rolling over your 401(k).

Regardless, be sure that the advice you choose to follow is in your best interests as an investor. Specifically, be sure that you understand – explicitly – all services you’re entitled to receive and all fees you’re expected to pay as a client.