At least $1.7 trillion sits untouched in lost or forgotten 401(k) accounts across the U.S., with the average unclaimed balance reaching $56,616. These 29 million inactive accounts hold about one-quarter of all 401(k) assets nationwide, according to a 2023 report by Capitalize, a financial services firm. The actual amount may be even higher today.
Many workers lose track of these savings during job changes. The average American born between 1957 and 1964 has switched jobs about a dozen times, and the Great Resignation saw millions quit their jobs in 2021 and 2022. When changing jobs, people often overlook small retirement balances, which can grow significantly over years due to stock market gains.
How to Find Your Lost 401(k)
Finding a forgotten 401(k) has become easier thanks to new tools and government efforts:
Start with the National Registry of Unclaimed Retirement Benefits, a database where you can search using your Social Security Number.
Use the Retirement Savings Lost and Found Database, launched by the Department of Labor in late 2024 under the SECURE 2.0 Act. This site helps locate unclaimed retirement benefits but is still expanding its coverage.
Check Missing Money, a clearinghouse for unclaimed property from U.S. states and Canadian provinces, which also includes retirement accounts.
If these steps don’t help, review your old employment records and contact former employers’ human resources departments or known 401(k) plan administrators. Many administrators can search for accounts using your Social Security Number.
Why Accounts Get Lost and What’s Being Done
Lost 401(k) accounts often happen because workers change jobs frequently, lose track of small balances, or face confusing rollover processes. Some small accounts may have been cashed out or rolled into IRAs without the owner’s knowledge.
To reduce future losses, the retirement industry is adopting “auto-portability” programs. These automatically transfer small 401(k) balances (under $7,000) to new plans when workers change jobs, preserving retirement savings and preventing accounts from being forgotten.
Conclusion
Millions of Americans have retirement savings waiting to be reclaimed. With $1.7 trillion in forgotten 401(k) accounts, it pays to search for your lost funds using government databases and employer contacts. The new tools and laws make recovery easier than ever, helping secure your financial future.
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