Nearly one in three Americans say they have retirement savings from a previous employer that they can no longer locate, according to a new survey from Empower, the Greenwood Village, Colorado-based retirement services firm. The study, based on a nationally representative poll of 2,005 adults conducted July 30–August 1, 2026, quantifies what the firm calls “retirement drift”—the gradual accumulation of forgotten 401(k) accounts as workers move between jobs.
Empower, which administers more than $2.1 trillion in assets for over 20 million individuals, found that 53% of respondents have switched employers three or more times, and 39% say their retirement savings are already scattered across accounts from different jobs. The problem is most acute among younger workers: 50% of Gen Z and 45% of Millennials report having lost track of at least one old account, compared with 30% of Gen X and just 14% of Boomers.
An opening for advisors
The findings underscore a persistent challenge in the retirement planning space: the IRA rollover market remains a significant growth opportunity, yet many workers are not taking action. Two-thirds of respondents (66%) said they wished someone had explained their options when they changed jobs, and 54% were unaware they had several choices after leaving an employer. Among those who do understand the options, practical barriers dominate: 76% said clear, step-by-step guidance would make them more likely to act, and 70% would consolidate old accounts if the process took less time.
That desire for simplicity aligns directly with the value proposition of financial advisors. Talking with a financial professional was the most commonly cited catalyst that would prompt Americans to review or act on their retirement savings, selected by 22% of respondents. “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, senior vice president of wealth solutions at Empower. “These accounts can accumulate, making it harder to see your complete retirement picture and know what steps to take next.”
Procrastination runs deep
The survey documents how inaction compounds over time. Nearly half of Americans (47%) say they have delayed dealing with retirement savings—such as initiating a rollover—because the process felt overwhelming. That figure rises to 58% among Gen Z and 57% among Millennials, compared with just 23% of Boomers. More than half (54%) say managing retirement savings falls to the bottom of their financial to-do list, and the same proportion say retirement planning is more confusing than other areas of personal finance.
The scale of the problem is substantial. According to a 2025 Capitalize study produced in partnership with the Center for Retirement Research at Boston College, as of July 2025 there were approximately 31.9 million forgotten 401(k) accounts in the United States, holding an estimated $2.1 trillion in assets—nearly double the number of unclaimed accounts counted in 2015. That research estimates that, in a worst-case scenario involving high fees and poor asset allocation, a forgotten account could cost a worker more than $500,000 in potential retirement wealth over a long career.
The Empower study adds a motivational dimension to those figures. Some 84% of respondents say keeping their retirement savings organized gives them greater peace of mind, and 83% feel more in control when those savings are consolidated in one place. However, many remain uncertain about how to begin: 59% say they are unsure whether a Roth or traditional IRA is the better fit for their financial situation, and 53% had always assumed IRAs were only for people with more money than they had—a misconception that rises to 64% among Millennials.
Human advice still wins
Despite the growing presence of AI-powered financial tools, the survey reinforces the standing of human advisors for retirement decisions. Seventy-eight percent of respondents trust a financial professional more than AI for important retirement decisions, while 73% view AI as a complement to professional advice rather than a replacement. That finding positions advisors well in an environment where technology adoption is accelerating but trust remains anchored in human relationships.
The Empower data also points to an unmet need for continuity. Eighty-one percent of Americans say they want retirement guidance that stays with them throughout their working lives, not just when they are employed by a particular firm. The Department of Labor's Retirement Savings Lost and Found database, launched in late December 2024 under the SECURE 2.0 Act, offers one resource for workers looking to locate forgotten accounts—though the tool currently focuses on workers approaching retirement age and is not yet comprehensive across all plan types and age groups.
For advisors, the message is clear: proactive outreach about rollovers and consolidation can address a widespread pain point. As retirement assets hit record levels, helping clients consolidate old accounts can strengthen relationships and improve outcomes. The gap between worry and action among pre-retirees suggests that many investors are open to guidance, even if they haven't sought it out. With plan complexity on the rise, advisors who simplify the rollover process may find a receptive audience.
