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Forgotten, Lost, and Unclaimed IRAs


The mandatory payout age for traditional individual retirement accounts (IRAs) is 70 ½. Roth IRAs are payable when an owner reaches 59 ½. If the holder is unable to contact the owner, the IRA is considered abandoned two years after the mandatory payout date.The IRA is then turned over to the respective states unclaimed property division. However, If the owner is deceased, the account is turned over to unclaimed property division two years after the date of death if there is no contact with the beneficiaries, heirs or personal representative for the estate. In all cases the funds from the IRA will remain at the unclaimed property division until the rightful owners, beneficiaries, or heirs claim them.

Here are some ways individual retirement accounts (IRAs) can become abandoned or unclaimed.

  • If you moved and forgot to notify your bank or firm holding the IRA.
  • If your forwarding order with the post office expired.
  • If an account statement was marked as undeliverable.
  • If you had a relative who passed on, leaving the IRA.
  • Name changes following marriage or divorce.





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