1 in 3 Americans May Have Lost Track of an Old 401(k), Empower Survey Finds. Here's How to Find Yours

Changed jobs a few times? You may have left more than a desk behind. New research released Monday, Oct. 19, by retirement company Empower found that about 1 in 3 Americans think they may have lost track of retirement savings from a former employer.

Forgotten 401(k)s are easy to ignore because nothing bad happens right away. But scattered accounts can mean extra fees, a muddled investment mix and money you may never claim. The good news is that tracking them down is mostly paperwork.

What did Empower's survey find?

Empower's "Retirement Drift" survey found 34% of Americans believe they may have lost track of retirement savings from a previous job. That rises to 50% of Gen Z and 45% of millennials. Frequent job changes are a big reason: 53% of people have switched employers three or more times.

According to Empower's announcement, 39% of people have retirement savings spread across accounts from different employers, and 54% say juggling multiple accounts makes retirement planning harder. Another 54% said they did not know they had several options for their savings after leaving an employer.

Procrastination plays a role too. In the survey, 54% said managing retirement savings sits at the bottom of their financial to-do list, and 47% said they had put off a step such as a rollover because it felt overwhelming. Two-thirds wished someone had explained their choices when they changed jobs.

"Changing jobs is a normal part of a career, but our financial lives don't always transition as neatly," said Jane Bartosik, senior vice president of wealth solutions at Empower.

A few caveats are worth knowing. The survey of 2,005 U.S. adults was conducted online July 30 to Aug. 1, 2026, and weighted to be nationally representative. As ConsumerAffairs pointed out, the 34% figure reflects people's uncertainty, not a count of missing money. Empower also sells rollover and IRA services, so it has a business interest in the topic.

What this means for your wallet

When you leave a job, the money you put into a 401(k) is still yours, along with any employer contributions that have vested. Common choices include leaving it in the old plan if the plan allows, moving it to your new employer's plan, rolling it into an IRA, or cashing it out. Rolling it over keeps the money working inside a retirement account. Cashing out usually costs the most.

Here is a worked example using IRS rules. Say you are 35 and cash out a $20,000 old 401(k) instead of rolling it over. The plan generally must withhold 20% for federal taxes, so you receive about $16,000. Because you are under 59½, you may also owe a 10% additional tax on early distributions, or $2,000, and, assuming it was all pre-tax money, the full $20,000 counts as taxable income for the year.

A direct rollover avoids that problem. According to the IRS rollover rules, mandatory withholding does not apply when your old plan sends the money straight to another plan or an IRA. If you take a check yourself instead, you generally have 60 days to deposit it in another eligible plan, and you would have to make up the 20% that was withheld from other money to avoid tax on it.

**Related read:** As we covered in how much you should save for retirement, small balances matter, because every dollar left to grow for decades can make a real difference later.

How can you find a lost 401(k)?

Start with what you already have. Make a list of every employer you have worked for and dig through old emails, paperwork or tax forms for plan statements or the name of the company that ran the plan. Then try these steps:

1. **Call your former employer's HR or benefits office.** Ask which company administers the 401(k) and whether you still have a balance.
2. **Search the Labor Department's database.** The free Retirement Savings Lost and Found site, created under the SECURE 2.0 Act of 2022, helps people find private-sector plans that may still owe them benefits. You will need a verified Login.gov account.
3. **Ask where small balances went.** Plans sometimes move small balances of former workers into an IRA or to an insurer, so if a former plan says your money is gone, ask where it was sent.
4. **Update your contact information.** Once you find an account, make sure the plan has your current mailing address and email.

Know the database's limits. It is an information tool only: it shows that you participated in a plan, not that money is still owed, and only the plan administrator can confirm that. It does not cover IRAs, government plans or Social Security. The Labor Department also says it never charges a fee to recover funds and will never ask for your password or one-time codes, so treat anyone who does as a likely scam.

Once you have found your accounts, you can decide whether consolidating them makes sense. Fewer accounts can make it easier to see your fees and your overall investment mix. If you are thinking about leaving the workforce early, our guide to accessing retirement money before 59½ explains which rules may affect when you can tap those funds.

What to watch next

The Labor Department has said it plans to keep improving its database, including adding information on small accounts moved to IRAs or insurers and updated contact details for employers that moved, merged or closed. In the meantime, the best time to deal with an old 401(k) is the next time you change jobs, before the account slips out of sight.