It’s not uncommon for retirement savings accounts to get lost or forgotten.
In fact, 31.9 million 401(k)s were reportedly left behind or forgotten entirely as of July 2025, and these accounts have an average balance of $66,691.
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Many of these forgotten accounts were likely left behind when the owners switched jobs, but 401(k)s aren’t the only type of retirement savings account that can get lost or forgotten.
Let’s say, for example, that you just discovered your deceased father’s Individual Retirement Account (IRA), which had $30,000 in it when he passed away. And now, 30 years later, you can’t help but wonder: can I still claim this money, and will all of the cash still be there three decades later?
Claiming this money depends on who was listed as the original beneficiary, how the account was titled, and whether it’s even still intact after years of required distributions and tax rules.
How inherited IRAs work
When someone dies owning a traditional IRA, the account is passed on to the person or entity named as the beneficiary. There are two broad categories of beneficiaries:
- Designated beneficiaries are people named directly on the account paperwork, such as a spouse, child or another individual
- Non-designated beneficiaries include estates, trusts and organizations like charities
A surviving spouse generally has the most flexibility if they are the named beneficiary on the account. They can roll the funds into their own IRA and delay withdrawals until they reach the required minimum distribution (RMD) age. According to the IRS, many plans require that a spouse is named as the primary beneficiary. (1)
But if no beneficiary was named, an IRA generally becomes part of the decedent’s estate and passes according to the will or state intestacy laws. In that case, the executor may need to distribute the account in line with IRS rules for non-spouse beneficiaries. (2)
Non-spouse beneficiaries are usually subject to the 10-year rule under the SECURE Act, meaning the account must be emptied within ten years of the original owner’s death. If the IRA is left to a trust or the estate, distribution timelines can be even shorter. (3)
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Will the $30K still be there after 30 years?
In this case, your father passed away in 1995, two years before Roth IRAs were created in 1997. Because your father’s account was a “traditional” IRA, the funds would have been subject to RMDs starting the year after his death, unless a spouse beneficiary rolled it into their own account.
Over 30 years, mandatory withdrawals could have easily drained the balance of your father’s IRA, particularly since the original sum was a modest $30,000. If your mother were to have inherited the IRA and rolled it into her own, she would have been required to take RMDs starting at age 70 ½. By now, the account could be empty unless she left a balance to a new beneficiary.
What to do if you think a ‘lost’ IRA exists
Even though a significant amount of time may have passed, if you think there’s a retirement account out there that you’re entitled to, it’s worth trying to locate and claim it. Here are six steps you can take:
- Identify the financial institution: Older accounts, particularly those from the 90s or early 21st century, generally received paper account statements at that time. If your parents kept old paperwork, bank statements or tax records, that is the place to find clues. If the institution has merged or closed, you can track the successor bank or brokerage
- Determine the original beneficiary: This will dictate whether you have a right to claim the funds. If you were not the named beneficiary, you may have no claim unless the account reverted to the estate and you are an heir
- Check probate records: If the account went through the estate, there may be a public record showing its distribution
- Contact the custodian for the account: IRAs and other retirement accounts are managed by a custodial institution for the beneficiaries. If you provide the deceased’s name, Social Security number and date of death, the institution can tell you if the account was closed or transferred
- Seek professional advice: A tax professional or estate attorney can help navigate complex distribution rules, especially if the account was mishandled
Finding a decades-old inherited IRA is rare, and the odds of it still holding money after 30 years are slim, especially for traditional IRAs subject to strict withdrawal rules. Still, if you think you have money languishing in limbo, it’s worth investigating.
Unclaimed assets sometimes sit dormant when beneficiaries were never notified. Start by tracking down the institution, confirming the beneficiary designation and reviewing probate files. Even if the account is gone, you’ll have the peace of mind of knowing you closed the loop on your family’s financial history.
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This article originally appeared on Moneywise.com under the title: I just found a forgotten old IRA with $30K stashed away in my dad’s name — 30 years after he died. Can I still claim it?
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.