America’s retirement industry has a problem with so-called “forgotten” 401(k) plans, and it’s not getting much attention.
According to Capitalize, a retirement account services company, about 31.9 million U.S. 401(k) accounts are “forgotten or left-behind,” as of July 2025. Those accounts represent $2.13 trillion in assets, or about the entire market capitalization of Meta, one of the biggest companies in the world.
For individual 401(k) plan holders, the impact of losing a 401(k) plan is substantial. Forgotten 401(k) accounts can cost a single retirement saver over $500,000 in foregone savings over 30 years, according to Capitalize. The average current value of a lost 401(k) account now stands at $66,691; that’s up from $56,616 in mid-2023.
“The ‘forgotten 401(k)’ problem continues to grow in size and complexity, with Americans leaving behind millions of accounts each year as they switch jobs. An outdated rollover process and confusion at the point of job change remain obstacles for most savers,” said Gaurav Sharma, CEO at Capitalize, in a statement. “At Capitalize, we continue to work with financial institutions and policymakers to build solutions that help Americans better manage their retirement savings. As new alternative investments look to enter 401(k) plans, the stakes for solving the forgotten 401(k) problem have never been higher.”
Tracking Down a Lost 401(k) Account
Historically, looking for a lost 401(k) plan would be resolved by contacting an old employer and finding out who the plan administrator was and then tracing it back to the account’s original source. “Unfortunately, over time, employers go out of business, and if the retirement plan was old enough and the companies that handle administration of the plan have merged or been bought out and changed names multiple times, it can be hard to trace,” Joseph Favorito, CFP and Managing Partner of Landmark Wealth Management, LLC in Melville, New York, told NTD.
On the upside, digital technology advancements have made the lost 401 (k) hunt easier and more efficient. Uncle Sam is taking a greater role in forgotten/lost 401(k) plan recovery.
“Recently, the Federal gov’t created an easier path that will allow you to look up 401(k)’s as well as any old retirement plan, including pensions,” Favorito said. “But the steps are simple:”
Here’s what Favorito recommends.
- Log in or create an account on the official U.S. government site www.lostandfound.dol.gov
- Enter the following information.
--- Date of Birth
--- Front and Back of Valid Driver's License
--- Social Security Number
“Then, check to see if you have lost accounts in the Retirement Savings Lost & Found database,” Favorito said.
401(k) savers can also check the National Registry of Unclaimed Retirement Benefits. “You can enter your Social Security Number to see if there is an unclaimed account in your name,” Lisa Cummings, an Attorney at Cummings & Cummings Law in Dallas, Texas, told NTD. “Sometimes retirement plan accounts end up here due to companies going out of business.”
Less familiar sources of missing account data can be found in your state's unclaimed property database (find it at (https://www.unclaimed.org)).
“Additionally, you may be able to locate an old 401(k) plan by going back through old tax returns and searching for forms such as 1099-R or 5498, which would be tax reporting forms tracking where your retirement account was kept (with a recordkeeping provider),” Cummings said.
Also, if you know the name of your prior employer, contact their HR department and ask what company is handling their 401(k) plan administration. “A last course of action, if you know the name of your former employer but can't find a way to contact them, you can go online to the US Department of Labor Form 5500 database (https://www.efast.dol.gov/5500search),” Cummings added. “You can enter the name of your former employer to see if you can locate the employer's contact information on their latest annual retirement plan filing.”
The views and opinions expressed are those of the interviewees. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. NTD does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. NTD holds no liability for the accuracy or timeliness of the information provided.