Some retirement account owners “abandon” their accounts, and this abandonment is an especially big problem for plan participants who have been automatically enrolled in a 401(k) plan.
The Social Security Administration recently sent me several letters suggesting that I may be entitled to some retirement benefits from three of my previous employers.
Meanwhile, I’ve also learned that retirement account abandonment is a big problem, according to Set It and Forget It? Financing Retirement in an Age of Defaults, a working paper recently published by the Federal Reserve Board of Chicago. In the third analysis, the authors studied the behavior of individuals induced to engage in an automatic IRA rollover of savings left with a former employer.
People are also having more jobs in their lifetime , so there is much more to keep track of, according to Mukherjee.
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