401k breaking glass

The number of “forgotten” 401(k) plans—retirement accounts that are left behind when workers change jobs—is growing, and currently represents approximately $1.65 trillion in assets, according to a new analysis by Capitalize, a technology company that offers an online platform to help transfer 401(k) accounts.

The True Cost of Forgotten 401(k) Accounts report outlined a 20% increase in forgotten or left-behind assets in retirement plans over the past two years. The company estimated there are nearly 30 million forgotten or left-behind 401(k) accounts, and officials say that such accounts could cost an individual several hundred thousand dollars in foregone retirement savings over time.

The company noted that a surge in such forgotten accounts may be happening due to the Great Resignation, with millions of Americans switching jobs.

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