Many people who change jobs are cashing out their company-sponsored defined contribution plans when they leave, particularly younger participants and those in their prime savings years, which has become a big problem, according to a study by Fidelity Investments.
Fidelity examined 12.5 million DC plan participants to see who was cashing out their plans and the impact it has on their future retirement income.
Fidelity found that one out of three job changers cashed out some or all of their workplace savings potentially causing a long-term impact to their retirement security.
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