Core Insights - Over $2 trillion is currently held in forgotten 401(k) accounts, with an average balance of $66,691, representing nearly 25% of total 401(k) assets [1][2] - The report highlights the challenges of transferring these funds during job changes, with forgotten accounts increasing from $1.7 trillion in 2023 to $2.1 trillion [2] - The accessibility of 401(k) plans is improving, with 72% of private-sector U.S. workers having access and 53% participating as of 2024 [3] Group 1: Forgotten 401(k) Accounts - The report focuses on workers who are unaware of their 401(k) accounts or have forgotten about them, leading to a significant amount of idle retirement savings [4][5] - Forgotten accounts can lead to negative outcomes, such as forced rollovers into low-interest accounts, which may hinder potential returns [6] - Many workers end up with multiple old 401(k) accounts, complicating management and tracking of their retirement savings [7] Group 2: Portability and Transfer Challenges - The process of rolling over 401(k) accounts is often cumbersome, with only 22% of savers able to do it without assistance, and 42% reporting it took over two months [8] - A recent initiative aims to improve the portability of small retirement accounts, particularly those valued at $7,000 or less, to prevent them from being forgotten [9] Group 3: Finding Forgotten Accounts - Several resources are available for individuals to locate forgotten 401(k) accounts, including the National Registry of Unclaimed Retirement Benefits and the Retirement Savings Lost and Found Database [11][12] - Additional steps include searching employment records and contacting former employers to identify any old retirement plans [13][14]