A recent report reveals that $1.7 trillion is tied up in lost 401(k) accounts, averaging $56,616 each. Around 29 million accounts are classified as idle, making up about a quarter of total 401(k) assets. With many Americans frequently changing jobs, it's easy for retirement savings to be overlooked. Yet, as time passes, these forgotten accounts can grow significantly due to stock market gains. Experts emphasize that taking time to search for lost accounts can be worthwhile and recovery has become easier than in the past.
"That's a heck of a lot of money," said James Royal, an investing analyst at Bankrate. "You could really have tens of thousands of dollars out there."
"People who are leaving a job, and especially if they're moving to another one, usually have a bunch of things going on," said David John, a senior strategic policy adviser at the AARP Public Policy Institute.
"Even 10 or 15 years ago, if you put in $5-, $6-, $7,000, that could be worth three, four or five times as much today," Royal said.
Tracking down lost 401(k) accounts has never been easier, according to Royal and other retirement-plan experts. A curious consumer with an hour to spare can go a long way toward.
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