My Minute of News with Jeff Caplan

Money for Nothin!


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Last few days you might have heard… welp… it’s the tax deadline.  The only thing you can do to cut your tax bill is quick!  Open an IRA.  Sock away 6 or 7-thousand grand… and you can deduct it from your income.  


But before you do it…. be aware that millions of Americans open retirement accounts… and then… forget about ‘em.  Thousands of dollars are sitting in an account somewhere… and folks have no idea the money’s theirs… with their name on the account.


Think back years ago… you might have worked somewhere 10 ..20 ..30 years ago… and they took a little bit out of your paycheck for a 401k.  At some point… you quit… and you just forgot about that account the company’s holding for you.
According to the NY Times… maybe you get snail mail once a year reminding you the account exists… and you just shrug…  and go along in life.  But if you forget about an account for 25 years… the dollars add up.  That 2-thousand dollars people left behind in their 20’s … could be 10 or 20 grand in the 2020s.  Whether you were paying attention or not… interest adds up… stocks have been going up.  
At Vanguard …they say low-income wage earners with less than 5-thousand dollars in a retirement account… are more likely to leave it behind.  
So next time you get a statement in the mail… don’t just shrug and throw it out.  21 million Americans have retirement money waiting… and they’re ignoring it.

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My Minute of News with Jeff CaplanBy Jeff Caplan, KSL Newsradio

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