According to a recent study, an astonishing $1.65 trillion in US savings accounts that were designated for retirement has been misplaced, forgotten, and remains unclaimed.

A significant rise in lost 401(k) accounts

This surge in lost savings accounts is due to an increase in career changes during the ongoing “great resignation,” which has caused a significant rise in lost 401(k) accounts, as stated by the savings consolidation company, Capitalize.

The company reports that the number of forgotten accounts has increased by over 20% between 2021 and 2022, resulting in a total of 29.2 million accounts with a combined asset value of $1.65 trillion.

“These numbers suggest that one in five job-changers with a 401(k) left that account behind when changing jobs during 2021 and 2022.”

The same notes continued and said the following:

“The remaining accounts were rolled over into an IRA, a 401(k), or prematurely “cashed out” or withdrawn. The 4.4 million accounts left behind in 2022 were nearly 60% higher than the 2.8 million accounts left behind in a benchmark year, as estimated in our May 2021 white paper.”

Bankrate, a financial resource platform, provides helpful tips on how to locate a forgotten 401(k).

One option is to search the Department of Labor’s website, which has records of businesses that offer employee benefit plans.

Another suggestion is to contact your previous employer and request that their human resources department check if you participated in a 401(k) plan. These methods may help you locate your forgotten 401(k) account.

The US banks collapse

According to Cathie Wood, the CEO of ARK Invest, Bitcoin is the future of currency. In an interview with Barron’s, Wood gave three reasons why she believes in digital assets.

One of the reasons she gave is that Bitcoin rose by 60% from $19,000 to $30,000 when some US regional banks failed earlier this year.

This indicates that investors see Bitcoin as a secure way to store their money. Wood anticipates that this trend will continue to rise.

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