Allworth Advice | How can I find a lost pension?

Every week, Allworth Financial's Amy Wagner and Steve Hruby, CFP®, answer your questions. If you, a friend, or someone in your family has a money issue or problem, feel free to send those questions to .

Charles from Lawrenceburg: I worked for a company a long time ago and pretty sure I earned a pension when I was there but lost track of it and don't have any sort of paperwork. Is it possible to find it?

Answer: Yes, it's possible – as long as you're willing to do a little sleuthing. The first step when dealing with a dilemma like this is always to reach out to the employer first. You didn't mention if the company for which you worked is still around, so maybe that's no longer an option; however, if it's still in business, start by calling the Human Resources department.

You could also try reaching out to any former co-workers with whom you're still in contact with. If you were by chance represented by a union, it might have information about the pension plan, so that's another option as well.

Your best option, however, is to turn to the Pension Benefit Guaranty Corporation (PBGC). This government agency was created in 1974 to protect pension benefits in private defined benefit plans – and it also keeps a record of so-called "lost" pensions. That database can be found in the "unclaimed pensions" section of its website at pbgc.gov . Even if the company you worked for no longer exists, there's a chance your pension might still exist.

You can also try the National Registry of Unclaimed Retirement Benefits and the Department of Labor's Abandoned Plan Search .

The Allworth Advice is that this process might take a little time and effort on your part, but it's well worth it. After all, this pension is money you worked hard to earn.

T.S. in Kenton County: A friend of mine just found out she'll have to pay a higher Medicare premium because of her income. I don't want this to happen to me. Any suggestions? I'm 60.

Answer: Sticker shock can sometimes hit Medicare enrollees with higher incomes. Because while most enrollees pay the standard monthly premium of $174.70 (in 2024) for Medicare Part B coverage, some could be paying as much as $594. These numbers – and what you'll ultimately pay – are based on modified adjusted gross income from two years prior.

With that in mind, here are a few suggestions. First, even though you now don't have to start taking Required Minimum Distributions (RMDs) until age 73, there's no rule saying you can't make withdrawals earlier. Beginning a pre-emptive drawdown can help reduce the overall value of your tax-deferred accounts, which will help lower your taxable income down the line (just remember, you would still have to pay taxes on these withdrawals). A Roth conversion could also help since withdrawals from Roth IRAs don't count toward taxable income. A qualified charitable deduction straight from a tax-deferred account could lower your income as well (though you must be at least age 70 1⁄2 to take advantage of this tactic).

There are also "qualifying events" that could lower your premium, such as divorce, retirement or loss of work. To request a reduction, you must fill-out Form SSA-44 .

The Allworth Advice is that some forethought needs to go into something like this, ideally years in advance. If you need help, a fiduciary financial advisor can guide you toward the best strategy for your situation.

Responses are for informational purposes only and individuals should consider whether any general recommendation in these responses are suitable for their particular circumstances based on investment objectives, financial situation and needs. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing, including a tax advisor and/or attorney. Retirement planning services offered through Allworth Financial a SEC Registered Investment Advisor. Securities offered through AW Securities, a Registered Broker/Dealer, member FINRA/SIPC. Visit allworthfinancial.com or call (513) 469-7500.