Did you know over a third of American workers changed jobs during the Great Resignation?

Well, if that’s you, there is a major decision you may have neglected with the potential of costing you some significant cash flow over your lifetime.

I’m talking about the decision of what to do with your old 401(k) or employer retirement plan. In this video we will cover:

– The significance of the forgotten 401(k) problem
– Why it is so important not to ignore or neglect all your options
– Who to contact to help you navigate decisions

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This material is distributed for informational purposes only and is not intended to constitute the giving of advice or the making of any recommendation to purchase a product.

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The 401(k) is a popular retirement savings account in the United States, offering tax benefits and the opportunity for individuals to invest in their own future. However, as retirement approaches for many Americans, a significant problem has emerged – the forgotten 401(k).

The forgotten 401(k) problem is the issue of individuals leaving behind their 401(k) accounts when changing jobs or retiring. According to the Government Accountability Office, in 2019 there were over 24 million active 401(k) accounts with previous employers, totaling $460 billion in assets.

While leaving behind a 401(k) may seem like a minor issue, it can have significant consequences for individuals in their retirement years. Forgotten accounts can be subject to fees, lower returns, and lost paperwork, making it difficult for individuals to access their funds and resulting in less money for retirement.

One solution to the forgotten 401(k) problem is to consolidate accounts. This involves transferring all 401(k) accounts from previous employers into one account. Consolidation can make it easier to keep track of retirement savings, potentially reduce fees and increase investment opportunities.

Another option is to cash out the account, but this comes with potential tax consequences and early withdrawal penalties, making it a less favorable option.

Employers can also play a role in addressing the forgotten 401(k) problem. They can offer education and resources to employees about the importance of 401(k) consolidation and provide assistance in consolidating accounts. Employers can also consider offering a retirement plan that employees can carry with them throughout their career, making it less likely for individuals to forget about their retirement savings.

In conclusion, the forgotten 401(k) problem is a significant issue that can have far-reaching consequences for individuals in their retirement years. Taking steps to consolidate accounts and educate individuals on the importance of retirement savings can help alleviate this issue and ensure a more secure future for all Americans.