Many Americans May Have Lost Track of Retirement Money From an Old Job, Including Some Under 30

Many workers assume their retirement savings move with them from employer to employer, but a surprisingly large share, especially younger adults, have lost sight of where some of that money ended up or how to recover it.

Imagine a 28-year-old enrolling in her third employer’s 401(k) and suddenly remembering she also contributed to a plan at her first post-college job. She can’t remember the provider, the account balance, or whether she ever received any notice about it. That example is fictional, but Empower’s latest research suggests many real workers are in a similar position.

Empower found that 34% of Americans may have retirement savings in a former employer’s plan that they no longer track.

The figure rises to 50% among Gen Z adults and 45% among Millennials. Empower’s survey included 2,005 U.S. adults and was conducted between July 30 and Aug. 1, 2026.

The study refers to people who believe they may have lost track of an account; it does not say those accounts were forfeited. Money that is vested in a 401(k) still belongs to the worker, and losing track of it does not stop it from growing. Still, it may sit in investments that no longer match the person’s needs, with fees that have gone unchecked. Frequent job changes can make the search even harder.

How a $4,000 Account Can Disappear From View

Suppose that same 28-year-old left behind an illustrative $4,000 when she left her first job. Four common life changes can scatter the paper trail:

1. Changing jobs. Each new employer typically means a new plan, a new login and often a new provider. The old plan still has obligations to former employees, including required notices, but those messages can be easy to miss.
2. Moving. Statements, rollover notices and tax forms are mailed to the address on file. Since people in their 20s often move frequently, those documents may go to an apartment they left behind years ago.
3. Provider changes. Employers may switch 401(k) recordkeepers, merge or be acquired. The account could now be managed by a company the worker has never heard of, under a plan name that changed along with the business.
4. Automatic rollovers for small balances. Plans can require former employees to move vested balances of $7,000 or less. If a plan issues a payout of more than $1,000 and no instructions are provided, the money generally must be placed into an IRA opened in the worker’s name. Balances of $1,000 or less can be sent as a check, which may trigger income taxes and an early-withdrawal penalty.

What the Search May Reveal

Her $4,000 might still be sitting in the old 401(k), or it may have been moved into an automatic rollover IRA. If it remained in the plan, years of market growth could have increased the balance. If it was rolled into an IRA, the funds are usually placed in conservative investments meant to preserve the principal, and fees can reduce the already modest returns. She will not know which happened until she finds the account.

The longer the delay, the more complicated the search can become. Uncashed payout checks and IRAs that go untouched for years may eventually be turned over to a state unclaimed property office, adding another layer between the worker and the money.

How to Track Down an Old 401(k)

1. Contact the former employer’s HR or benefits department. Ask for the plan name and the current recordkeeper. Find out whether your balance stayed in the plan, was paid out, or was rolled into an IRA; if it was rolled over, ask which firm received it.
2. Look for old W-2s and statements. Box 12 code D on a W-2 indicates 401(k) contributions for that year. Old statements usually list the recordkeeper and the plan or account number you need.
3. Use the Labor Department’s Retirement Savings Lost and Found database to search for plans tied to your Social Security number. It can help identify retirement plans from former employers, but it will not locate IRAs or prove that money is still owed to you. Then check the unclaimed property database for every state where you have lived.
4. Decide where the money should go. You may be able to leave it in the current plan, roll it into a new employer’s plan if allowed, or transfer it to an IRA. Compare investment options and fees before choosing. If you move money from a 401(k), request a direct rollover to avoid mandatory withholding. When an eligible rollover distribution is paid directly to you, the plan generally withholds 20%. You then have 60 days to roll over the full amount, including the withheld portion, or the amount not replaced may be taxed and subject to an early-withdrawal penalty.

For the imagined 28-year-old, a few phone calls can turn a vague memory into a concrete number on her financial statement. Recovering that money before age 30 gives her the chance to review how it is invested and keep track of it for decades to come. It is retirement savings she already earned, brought back into focus.