The Average Forgotten 401(k) Balance Is Nearly $67,000 Just Sitting Stagnant — Here’s How to See If You Have One

Changing jobs can mean a better paycheck, a fresh start or finally escaping that boss who made every Monday feel like a hostage situation. But there’s a chance something valuable got left behind along the way. 

Americans have left behind an estimated 31.9 million 401(k) accounts containing approximately $2.1 trillion, according to a 2025 analysis from Capitalize, conducted with the Center for Retirement Research. The average forgotten account holds $66,691, nearly $67,000. That’s an 18% increase from approximately $56,600 in 2023.

With roughly a quarter of all 401(k) assets tied up in forgotten accounts, tracking down an old retirement plan could uncover a significant amount of money.

Leaving an Old 401(k) Behind Can Cost Thousands

After leaving a job, employees generally have four choices for their 401(k). They can leave it with the former employer, roll it into a new employer’s plan, transfer it into an individual retirement account (IRA) or cash it out.

Leaving the money where it is isn’t necessarily a bad decision, particularly when the plan offers low fees and solid investment options. However, former employees may become responsible for administrative costs previously covered by their employer. Investment allocations can also become outdated, while fees quietly chip away at returns.

Capitalize estimates that, in a worst-case scenario involving higher fees and poor investment allocation, a forgotten account could cost an individual more than $500,000 in forgone retirement savings over a career.

Smaller balances face additional risks. Depending on the plan’s rules, accounts below certain thresholds may be automatically transferred into a safe-harbor IRA, where money can sit in cash while fees accumulate.

Five Ways to Find Forgotten Retirement Money

The search doesn’t require an expensive recovery service. Several free resources can help reconnect former employees with their savings.

1. Contact former employers. Reach out to the human resources or benefits department at companies where retirement contributions were made. Ask for the plan administrator or recordkeeper and whether an account remains under the former employee’s name. Records may still exist even if a company has changed ownership.

2. Search old paperwork. Look through previous W-2s, pay stubs, retirement statements and emails. Box 12 on a W-2 can indicate retirement plan contributions. Messages from providers such as Fidelity, Vanguard and Charles Schwab may also contain account information.

3. Visit the National Registry of Unclaimed Retirement Benefits. The free National Registry⁠ allows individuals to search using a Social Security number. Participating employers and financial institutions report accounts they cannot locate. A match provides information for contacting the plan administrator. No match doesn’t guarantee an account doesn’t exist because participation is voluntary.

4. Check the Department of Labor database. The Retirement Savings Lost and Found Database⁠ helps locate benefits associated with private-sector workplace plans. A verified Login.gov account is required. Its records currently focus heavily on separated participants age 65 and older. A search result identifies potential plan participation, but the administrator must confirm whether money remains. IRAs and most government plans aren’t covered.

5. Search unclaimed property records. MissingMoney.com⁠ and individual state treasury websites can help locate funds already transferred to state unclaimed property programs. The Department of Labor’s EFAST system also provides access to Form 5500 filings, which can help identify former plan administrators. Those searching for traditional pensions can use the Pension Benefit Guaranty Corporation’s search tools.

What to Do After Finding an Account

Once an account turns up, contact the plan administrator to verify ownership and determine the balance. Identification and personal information will typically be required.

A direct rollover into a current employer’s 401(k), if accepted, or an IRA generally allows retirement savings to move without triggering immediate taxes or early-withdrawal penalties when completed properly.

Cashing out can be considerably more expensive. Traditional 401(k) withdrawals generally count as taxable income, and people younger than 59½ may also owe a 10% early-withdrawal penalty unless an exception applies.

Old jobs may be in the rearview mirror, but the money you earned there is still yours. An afternoon of digging could tell you whether a retirement account has been waiting for you all along.

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