Retire

Switching jobs in the ‘Great Resignation?’ Don’t leave retirement money behind – CNBC

Summary

XiFotos | E+ | Getty Images

Millions of Americans are quitting and finding new jobs as the pandemic-fueled “Great Resignation” continues.  

Many are probably leaving retirement plans with thousands of dollars behind.

More than 25 million people who switched jobs between 2004 and 2014 left one or more employer-sponsored retirement accounts at their former workplace, according to a report from the Government Accountability Office.

While these accounts can usually be rec…….

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XiFotos | E+ | Getty Images

Millions of Americans are quitting and finding new jobs as the pandemic-fueled “Great Resignation” continues.  

Many are probably leaving retirement plans with thousands of dollars behind.

More than 25 million people who switched jobs between 2004 and 2014 left one or more employer-sponsored retirement accounts at their former workplace, according to a report from the Government Accountability Office.

While these accounts can usually be recovered, tracking them down after the fact can take a lot of time and effort and means you’ve left money on the table. And, if you don’t recover your employer-sponsored plans by the time you retire, you could face penalties for failing to withdraw money regularly.

Source: https://www.cnbc.com/2021/11/17/switching-jobs-dont-leave-retirement-money-behind.html