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I recently received a written reminder from one of my IRA custodians that they apparently mailed all their clients. (I think it came from Oakmark.) The abandonment laws vary by state.
Their advice was to either (1) phone them once a year or (2) login to your account online once a year. Since I login to all my accounts at least once a year, I let it go at that. I think it’s a good practice to change passwords once or twice a year. And doing so ought to satisfy anyone looking on that you’re still alive.
I recently received a written reminder from one of my IRA custodians that they apparently mailed all their clients. (I think it came from Oakmark.) The abandonment laws vary by state.
Their advice was to either (1) phone them once a year or (2) login to your account online once a year. Since I login to all my accounts at least once a year, I let it go at that. I think it’s a good practice to change passwords once or twice a year. And doing so ought to satisfy anyone looking on that you’re still alive.
As I recall, you're in Michigan. I don't know whether all states follow this rule, but in Michigan, its three year clock doesn't begin running until you're 70.5:
An IRA (Individual Retirement Account) account, Keogh plan, or 401K plan becomes distributable under the terms of the account or plan [i.e. RMDs for the IRA]. If the plan or account requires a distribution at a certain point in time, then the three-year dormancy period begins at that point.
I don't know any state that has law that property escheats in less than three years, though some financial institutions may be obnoxious and freeze your account after a year of inactivity. (I made an old post somewhere about WF doing this, and making a lot of errors along the way.) So it's still a good idea to check in yearly.
I’d be remiss if I didn’t remind folks who think their information may have been compromised (per Equifax or Yahoo) to change out those “secret” questions most sites now require. They are among the things that may have been stolen.
Comments
I recently received a written reminder from one of my IRA custodians that they apparently mailed all their clients. (I think it came from Oakmark.) The abandonment laws vary by state.
Their advice was to either (1) phone them once a year or (2) login to your account online once a year. Since I login to all my accounts at least once a year, I let it go at that. I think it’s a good practice to change passwords once or twice a year. And doing so ought to satisfy anyone looking on that you’re still alive.
https://missingmoney.com/Main/Index.cfm
I don't know any state that has law that property escheats in less than three years, though some financial institutions may be obnoxious and freeze your account after a year of inactivity. (I made an old post somewhere about WF doing this, and making a lot of errors along the way.) So it's still a good idea to check in yearly.