Americans Have Left Behind 31.9 Million 401(k)s: Here’s How to Find Yours and Reclaim Lost Savings

If you’ve ever switched jobs, there’s a chance you may have left your 401(k) behind without realizing it. And you’re not alone.

According to new data, millions of Americans are missing out on billions of dollars in forgotten retirement funds.

You might be missing out on benefits! Check what’s available to you here.

 

The Big Picture: Billions in Forgotten Retirement Accounts

More than 31.9 million 401(k) accounts are currently abandoned, with an average balance of $66,691, according to Capitalize.

That’s a total of more than $2 trillion in unclaimed retirement assets.

Key stats:

• 54.3% of working-age families have a retirement account.

• Median retirement account balance: $86,900 (2022, Board of Governors of the Federal Reserve System)

• Average balance of a forgotten 401(k): $66,691 (up 18% since 2023)

And it’s not just private workers. Thrift Savings Plans (TSPs), the federal equivalent of 401(k)s, are also being left behind. As of June 2025:

• 7.2 million TSP participants

• Average TSP balance: $134,633

• Nearly 3 million TSP accounts are projected to be abandoned by the end of 2025.

 

Why So Many 401(k)s Get Forgotten

Three main forces are driving this trend:

• More participation in retirement plans — 67% of private sector workers now have access to a 401(k), up from 62% in 2008.

• Frequent job changes — the median job tenure is 3.9 years, meaning many workers change employers 10+ times over their careers.

• Confusion during job transitions — plans don’t automatically move with you, and many people simply forget or delay taking action.

This combination has created millions of unmonitored and unclaimed accounts over time.

 

The Hidden Cost of Doing Nothing

Leaving behind a 401(k) might seem harmless, but it can lead to:

• Lost investment growth

• Unmonitored fees

• Missed rebalancing opportunities

• Potential tax complications

A mismanaged or forgotten 401(k) could cost an individual over $500,000 in lost savings over their career.

 

What You Can Do If You’ve Switched Jobs

When leaving a job, you have four main options for your 401(k):

• Keep it with your former employer (but monitor it closely)

• Roll it over to an IRA

• Roll it into your new 401(k)

• Cash it out (but beware of taxes and penalties)

Tip: Rolling over to an IRA or new 401(k) can simplify tracking your retirement savings and help minimize forgotten accounts.

If you think you might have a lost or old 401(k):

• Contact your former employer’s HR or plan administrator.

• Check the U.S. Department of Labor’s Abandoned Plan Database.

• Work with a financial advisor to track down accounts.

• Consolidate your plans to keep everything in one place.

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