Find Forgotten Savings Bonds and 401k Plans

Most of us are happy when we find a 10-dollar bill that we had forgotten in a pants or coat pocket, but you could be one of the estimated two million people that have mature unclaimed savings bonds floating around, or you could have a 401k plan that you have forgot about.

You might have got a savings bond or two when you graduated or as birthday gifts but you've put them away and forgot about them or lost track of them. By now, they could be matured and ready to cash in; if the bonds have matured they are no longer earning interest for you, just sitting there. In fact, they could be losing value do to inflation and penalties. You can check to see if you have any overlooked bonds waiting for you to cash them in at the treasury's website,

www.TreasuryDirect.gov. Once at the website, on the left side there will be a section marked "Individuals", click the enter box. On the next page, find the "Treasury Hunt" link, read the next page and click "start search" when you are ready to start your search. Then you will be asked to enter your Social Security Number, and then wait for the search results. Written inquiries can be sent to, Bureau of the Public Debt Po Box 7015 Parkersburg WV 26106.

Some people think that they can avoid paying the federal interest tax by letting it sit after its mature date. However, the interest tax is assessed on the year that the bonds mature, not the day they're cashed in. In addition, there is daily-compounded interest added to the taxes. This starts the day of the bonds maturity. All of these fees are deducted when you cash in the bonds, so when they have matured the sooner you redeem them the better.