Empower survey: 1 in 3 Americans may have lost track of an old 401(k)
Half of Gen Z and 45% of millennials say they may hold savings in a former employer's plan; 76% say step-by-step guidance would make them more likely to act.
At a glance
Seventy-six percent say clear, step-by-step guidance would make them more likely to act on an old account, and 70% would be more likely to consolidate if the process took less time.
Forty-seven percent say they have put off dealing with retirement savings, such as initiating a rollover, because the process felt overwhelming — 58% of Gen Z, 57% of Millennials and 23% of Boomers.
One in three Americans may have lost track of retirement savings from a former employer, and half of Gen Z say the same, according to an Empower survey reported by InvestmentNews on Oct. 20. Empower is a Greenwood Village, Colorado retirement services firm that administers more than $2.1 trillion for more than 20 million individuals. It fielded the nationally representative survey of 2,005 adults July 30 to Aug. 1, 2026.
Fifty-three percent of respondents have switched employers three or more times, and 39% say their retirement savings are scattered across accounts from different jobs. Millennials sit close behind Gen Z on the lost-account question at 45%, with Gen X at 30% and Boomers at 14%, against 34% of Americans overall.
Seventy-six percent say clear, step-by-step guidance would make them more likely to act on an old account, and 70% would be more likely to consolidate if the process took less time. Two-thirds (66%) wish someone had explained their retirement savings options when they changed jobs, and 54% were not aware they had several options after leaving an employer.
Talking with a financial professional was the most commonly cited catalyst that would prompt respondents to review or act on their savings, selected by 22% — first on that list, though a smaller share than the 76% who asked for step-by-step instructions. The survey records what people say they would do, not completed rollovers.
“Deciding what to do with a 401(k) from a previous employer can take a back seat when you're starting a new job and managing other financial priorities,” said Jane Bartosik, SVP, Wealth Solutions at Empower. “These accounts can accumulate, making it harder to see your complete retirement picture and know what steps to take next.”
Forty-seven percent say they have put off dealing with retirement savings, such as initiating a rollover, because the process felt overwhelming — 58% of Gen Z, 57% of Millennials and 23% of Boomers. A further 54% say managing retirement savings falls to the bottom of their financial to-do list.
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