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Are You Missing a 401(k)? What the Latest Research Is Telling Us
A recent Wall Street Journal piece on “forgotten” 401(k) plans highlights a quiet problem: people are leaving real money behind when they switch jobs. Small balances get left in old employer plans, or are automatically moved into low-return “safe harbor” IRAs where fees can quietly eat away at growth.
At the same time, newer research shows this isn’t just a few stray accounts. Analysts now estimate roughly 31.9 million forgotten or “left-behind” 401(k) accounts in the U.S., holding more than $2 trillion in retirement savings.
That’s not just a paperwork issue. It’s a real hit to long-term investment gains.
Why these forgotten accounts are such a big deal
When you leave a job, you usually have a few options:
Roll the money into your new employer’s plan (if they allow it)
Roll it into an IRA you control
Leave it in the old plan
Cash it out (and usually owe taxes and possibly penalties)
What often happens in real life is… nothing. People mean to “get around to it later,” but later never comes. If the balance is small, employers are allowed to move the money into a safe harbor IRA under your name. On paper, that protects your money from being cashed out. In practice, those IRAs are frequently invested very conservatively and charged ongoing fees, so the money barely grows, or, after inflation and fees, may even go backward.
One analysis of these safe harbor IRAs found tens of billions of dollars sitting in low-yield, fee-heavy accounts now and projects that amount could reach more than $40 billion by 2030.
Meanwhile, the broader market has delivered much stronger returns over time. That gap is where people lose out.
How 401(k)s get “forgotten” in the first place
It usually comes down to a few very human realities:
Job changes are stressful. In the rush of leaving, onboarding somewhere new, and handling health insurance changes, the old 401(k) falls to the bottom of the list.
Small balances feel unimportant. A $1,500 balance doesn’t feel like a big deal—until you realize what 20–30 years of growth could have turned it into.
Contact info goes stale. If you move, change email addresses, or switch names and don’t update the plan, it’s easy to lose track of statements and logins.
The rollover process can be confusing. People worry about “doing it wrong” and triggering taxes, so they freeze and do nothing.
The result: millions of accounts drifting along with no one really watching them.
How to find your old 401(k)s: a simple 5-step plan
If you’ve had more than one job with a retirement plan, it’s worth taking an hour to check for missing money. Here’s a plain-language checklist.
1. Make your job history list
Write down every job where you might have had a 401(k) or similar plan—company name, approximate dates, and your job title.
2. Search your own records
Look through old emails for words like “401(k),” “retirement plan,” “benefits,” or your old employer’s plan provider (e.g., Fidelity, Vanguard, Empower, etc.).
Review old pay stubs or tax forms for plan contributions.
3. Contact old HR departments
Send a short message or make a quick call:
“Hi, I used to work for [Company] from about [year–year]. Did I participate in a retirement plan, and if so, who is the current plan administrator?”
Ask if your account is still in the company plan or if it was rolled into an IRA in your name.
4. Use the new federal database and other tools
The Retirement Savings Lost and Found database, created under the SECURE 2.0 law and run by the Department of Labor, is designed to help workers track down missing workplace retirement accounts.
You can also:
Check state unclaimed property sites
Use services that specialize in locating and consolidating old 401(k)s
5. Once you find them, consolidate where it makes sense
For each account you locate, ask:
What are the fees?
How is the money invested?
Can I roll this into my current employer’s plan or into an IRA I choose?
Many people find it easier to manage retirement savings when most of it is in one or two well-chosen accounts, instead of a handful of small, neglected ones. Consolidation can also help reduce duplicate fees and make it easier to stay on top of your investments.
How to avoid “forgetting” future accounts
A few small habits can keep this from repeating:
When you leave any job, add “decide what to do with my 401(k)” to your offboarding checklist.
Keep a simple running list of every account you open (bank, retirement, brokerage) in one secure document.
Any time you move or change your email, set aside a few minutes to update your contact info on financial accounts.
A quick disclaimer: This is general education, not personal financial or tax advice. The best move for your old 401(k)s depends on the details: fees, investment options, income, and your bigger financial goals. If you can, talk with a qualified financial professional about the specifics of your situation.
