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'Forgotten' 401(k)s cost employers as well as their former employees

In aggregate, savers could be missing out on a combined $116 billion in additional retirement savings each year by leaving behind 401(k) accounts.

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chalkboard sign saying Lost and Very Lost (Photo: Shutterstock)

Changing jobs can carry a steep price. Employees have left behind an estimated 24.3 million 401(k) accounts valued at $1.35 trillion, according to a new white paper from Capitalize. Leaving behind a forgotten 401(k) account has the potential to cost an individual almost $700,000 in foregone retirement savings over a lifetime.

In aggregate, this means that savers could be missing out on $116 billion of additional retirement savings growth each year.

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