Millions of Americans Leave Retirement Savings Behind
New research shows one-third of workers lose track of retirement accounts after switching jobs.
Updated on Oct. 20, 2026 in Retirement Planning
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Do you find it difficult to keep track of your retirement savings when changing jobs?
As of July 2025, an estimated 31.9 million 401(k) accounts in the United States have been forgotten by their owners. These abandoned accounts hold a collective $2.1 trillion in assets, potentially costing individual workers more than $500,000 in long-term retirement wealth.
Why it matters
Managing retirement savings often becomes a low priority for employees navigating new job transitions. Many workers find the process overwhelming and remain unaware of the options available to consolidate their finances after leaving an employer.
A survey of 2,005 adults conducted in late July 2026 revealed that 39% of respondents have retirement savings scattered across multiple accounts. Meanwhile, 31.9 million 401(k) accounts remained forgotten as of July 2025, holding a total of $2.1 trillion.
The players
Empower
Empower is a financial services firm based in Greenwood Village, Colorado, that administers retirement assets.
Department of Labor
The Department of Labor is the federal agency responsible for implementing the Retirement Savings Lost and Found database.
The details
Fifty-three percent of survey respondents have switched employers at least three times, contributing to the fragmentation of their retirement portfolios. While 66% of workers wish for better guidance during career changes, over half admit they were unaware of the specific options for managing old accounts.
Timeline
2015: Initial count of unclaimed retirement accounts was recorded.
December 2024: The Department of Labor launched the Retirement Savings Lost and Found database.
July 2025: Reference point for the 31.9 million forgotten 401(k) accounts and $2.1 trillion in assets.
July 30-August 1, 2026: Empower conducted a survey of 2,005 adults.
Market Dynamics
This trend of lost retirement assets highlights a significant structural inefficiency in the U.S. labor market that the DOL Retirement Savings Lost and Found database aims to mitigate. The scale of these dormant funds illustrates the difficulty of managing portable benefits throughout a modern career path.
Failing to track or consolidate 401(k) accounts can lead to a loss of over $500,000 in retirement wealth over a long career. Investors should contact their former plan administrators or check the government's lost and found database to regain control over their savings.
The takeaway
Organizing accounts from previous jobs can provide significant peace of mind and improve long-term financial security. Seeking advice from a professional is the most effective way to overcome the confusion associated with managing scattered retirement funds.
Further reading
For more on managing your nest egg, visit Retirement Planning.
Live Poll
Do you find it difficult to keep track of your retirement savings when changing jobs?
