In recent years, there’s been a surge in the number of Americans leaving jobs, and with it, a surge in overlooked 401(k) retirement funds. Shockingly, around $30 million has been left untouched in these accounts just since 2021, according to a fresh report. But what’s the real cost of this oversight?
With the “Great Resignation” trend, where countless individuals changed careers, many left their retirement nest eggs unattended. This has not just led to dormant accounts, but a vast amount of funds at risk due to mismanagement and rising fees. Believe it or not, a poorly managed 401(k) might cost you hundreds of thousands over the span of three decades.
Moreover, a concerning number of people seem to be in the dark about 401(k) fees. Most think they’re paying less, but the reality? Fees might be higher than they think, and these can eat into their retirement savings.
Thinking of tapping into that forgotten treasure or planning for a secured retirement? Know how you can track down forgotten 401(k) accounts and make the most of your hard-earned savings.
