Draining 401(k) Accounts When Changing Jobs: The Hidden Time Bomb Undermining Retirement Savings
BALTIMORE, MD, July 17, 2023 – When researchers set out to study 401(k) retirement savings accumulation, they found that thousands of studies of retirement savings accumulation ignored the surprisingly high rate of departing employees who cash out retirement savings at job separation. This is concerning because, statistically, everyone will likely change jobs multiple times before retirement.