One in three Americans may have lost track of retirement savings from a previous job

GREENWOOD VILLAGE, Colo. - Rezul -- Half of Gen Z and 45% of Millennials say they may have retirement savings sitting with a former employer that they have lost track of, according to Empower's 2026 study, The Retirement Drift. Empower uses the term retirement drift to describe how retirement savings can become spread across accounts from different employers as people change jobs over their careers.

Across all U.S. adults surveyed, 34% say they may have savings from a previous employer they have lost track of, and 41% are not confident they could locate all of their retirement savings today. The study, fielded from July 30 to August 1, 2026, surveyed 2,005 Americans ages 18 and over.

Job changes are common. More than four in five (84%) have changed employers at least once, and 27% have done so five or more times. Nearly two in five (39%) agree their retirement savings are spread across multiple employers, and 54% say multiple accounts make retirement harder to plan. At the same time, 85% agree that leaving a job should not mean starting over with retirement planning.

Feeling overwhelmed can delay action. Nearly half (47%) have delayed dealing with retirement savings, such as initiating a rollover, because it felt overwhelming, rising to 58% of Gen Z and 57% of Millennials. Two-thirds (66%) wish someone had explained their options when they changed jobs.

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Respondents were clearer about what would help. Three-quarters (76%) say clear, step-by-step guidance would make them more likely to act, 70% would be more likely to act if they better understood their options, and 81% want retirement guidance that stays with them throughout their career. When it comes to the decisions themselves, 78% trust a financial professional more than AI.

For people who have changed jobs, the findings point to a straightforward starting point: take stock of every current and former workplace retirement account, then compare the options for each one before moving any money.

"Changing jobs is a normal part of a career, but our financial lives don't always transition as neatly," said Jane Bartosik, SVP, Wealth Solutions at Empower. "Deciding what to do with a 401(k) from a previous employer can take a back seat when you're starting a new job and managing other financial priorities. These accounts can accumulate, making it harder to see your complete retirement picture and know what steps to take next."

Jane Bartosik is a registered representative with Empower Financial Services, Inc., Member FINRA/SIPC and/or an investment adviser representative with Empower Advisory Group, LLC.
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The full study is published by Empower at https://www.empower.com/the-currency/retirement-drift. The research reference for this study is catalogued by Talker Research under citation reference TR-2026-EMP-001 at https://talkerresearch.com/the-retirement-drift/.

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Methodology.
Empower's "The Retirement Drift" study is based on online survey responses from 2,005 Americans ages 18+, fielded by an independent third-party panel provider from July 30 to August 1, 2026. The survey is weighted to be nationally representative of U.S. adults. Talker adapted and distributed the findings on behalf of Empower and did not conduct the fieldwork. Percentages are weighted and rounded to the nearest whole number. Agreement figures combine "strongly agree" and "somewhat agree."

About Talker Research.
Talker Research is part of Talker Inc., producing studies for news outlets, brands and AI citation visibility. Team members include members of ESOMAR (European Society for Opinion and Marketing Research) and MRS (Market Research Society). Talker Research is part of AAPOR's Transparency Initiative, which is designed to promote methodological disclosure.