Lost Retirement Savings: A Growing Concern for Older Workers
Have you ever lost track of your retirement savings from a previous employer? It's a common issue, especially as workers change jobs frequently throughout their careers. But here's where it gets controversial: while you might think you've lost all hope of finding those forgotten funds, there's a relatively new resource that could help you reunite with them.
The U.S. Department of Labor (DOL) has launched a 'Retirement Savings Lost and Found' database, which has already helped thousands of people track down old 401(k)s, pensions, and other workplace retirement plans. According to data provided to CNBC, about 29.5% of the 236,269 unique visitors who logged onto the database from its launch in late December 2024 through the end of 2025 found an old retirement account associated with their Social Security number.
But is this database the only option for finding lost retirement savings? And what can you do if you can't find your old accounts through this resource? Let's explore the ins and outs of lost retirement savings and how you can take control of your financial future.
The Problem of Lost Retirement Savings
As workers change employers throughout their careers, it's possible for multiple 401(k) accounts or other retirement benefits to get left behind, intentionally or accidentally. The typical U.S. worker holds about 13 jobs between ages 18 and 58, according to an ongoing Bureau of Labor Statistics survey of people born between 1957 and 1964. This means that many people have multiple retirement accounts spread across different employers, making it difficult to keep track of them all.
An estimated 31.9 million 401(k) accounts remain with former employers, totaling about $2.1 trillion, according to 2025 research from Capitalize, which helps people roll over workplace savings to IRAs. The data includes accounts that former employees intentionally leave in their old plan, for example, to take advantage of lower fees or stronger creditor protections relative to IRAs.
The DOL's 'Retirement Savings Lost and Found' Database
The DOL's database is the result of a provision included in retirement legislation known as Secure 2.0, which was signed into law in December 2022. The bill required the DOL to create and maintain a database to help workers locate retirement accounts they left behind with a former employer. However, the age-65 threshold for information in the database means it's not yet useful for younger workers who have lost track of accounts with previous employers.
Despite this limitation, the database has already been a useful tool for many people. According to Samuel Krause, a partner with Hall Benefits Law in Los Angeles, 'We may not be talking about any serious money, but of that [29.5%] who got a positive result, most of them probably found an old account.'
Other Options for Finding Lost Retirement Accounts
Workers who can't currently benefit from the DOL database have other avenues to locate old retirement accounts. The Pension Benefit Guaranty Corporation runs a Missing Participants Program, which helps people whose plans have terminated. However, it does not track information on benefits or accounts tied to plans that are still in existence, which is what the Labor Department's new database does.
You can also search for old retirement accounts, as well as security deposits, bank accounts, and other financial property through your state's unclaimed property program. The National Association of Unclaimed Property Administrators website includes a U.S. map with links to each state's unclaimed property database. To search more than one state at a time, you can go to MissingMoney.com.
The Importance of Knowing What You Own
As certified financial planner Melissa Caro, founder of My Retirement Network in New York City, says, 'I always tell people to treat old retirement accounts like missing puzzle pieces. You can't plan accurately if you don't know what you own.' This is especially true when it comes to retirement planning, where every dollar counts. By taking control of your financial future and knowing what you own, you can make informed decisions about your retirement and ensure a secure financial future.
