The Empower study uncovers a “retirement drift” as old accounts accumulate across careers, adding complexity to Americans’ retirement picture

GREENWOOD VILLAGE, Colo., Oct. 19, 2026 /PRNewswire/ — Empower today released a new study finding that a third of Americans (34%) may have retirement savings from a previous employer that they have lost track of, rising to half of Gen Z (50%) and 45% of Millennials.

“Retirement drift” describes how retirement savings can become spread across accounts from different employers as people change jobs over the course of their careers, creating a more fragmented and complex financial picture that can make those savings harder to track and manage. More than half (53%) have changed employers three or more times, and 54% say having retirement savings in multiple accounts makes it harder to plan for retirement.

“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.”

What does “The Retirement Drift” research show?

• 39% agree they have retirement savings spread across accounts from different employers.
• 54% say managing retirement savings falls to the bottom of their financial to-do list, and 47% have delayed dealing with retirement savings, such as initiating a rollover, because it felt overwhelming.
• 66% wish someone had explained their retirement savings options when they changed jobs, while 54% weren’t aware they had several options after leaving an employer.
• 76% say clear, step-by-step guidance would make them more likely to act, and 70% would be more likely to combine old retirement accounts if the process took less time.
• 78% trust a financial professional more than AI for important retirement decisions, while 73% see AI as a complement to professional advice, not a replacement.
• 83% believe an IRA can be an important part of building long-term retirement savings, while 59% aren’t sure whether a Roth or Traditional IRA is a better fit for their financial situation.

The study also points to a broader desire for retirement support that extends beyond any one employer. More than eight in 10 Americans (81%) want retirement guidance that stays with them throughout their working lives, while 84% say keeping their retirement savings organized gives them greater peace of mind.

“The research shows how much Americans value having a sense of clarity and control when it comes to their retirement savings,” said Bartosik. “As working lives become less linear, that visibility can become even more important in helping people stay connected to the savings they’ve built over time.”

Have an old 401(k) or retirement savings from a previous job? Talking to a financial professional can help you learn more and better understand your options.

Read the full “The Retirement Drift” report on The Currency at Empower.com.

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-August 1, 2026. The survey is weighted to be nationally representative of U.S. adults.

About Empower

Recognized as a leader in retirement services and wealth management,² Empower administers more than $2.1 trillion in assets¹ for more than 20 million individuals through the provision of workplace and individual retirement plans, advice, financial planning and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.

1 As of June 30, 2026. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. Assets under Administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company. 

2 Pensions & Investments DC Recordkeeper Survey (2025). Ranking measured by total number of participants as of December 31, 2025.

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.

Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. This material is for informational purposes only and is not intended to provide investment, legal, or tax recommendations or advice.

“EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America. 

The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities. All visuals are illustrative only.

©2026 Empower Annuity Insurance Company of America. All rights reserved. RO5934256-0926

Media Contact: Katelyn Kwiatkowski, Katelyn.Kwiatkowski@empower.com

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SOURCE Empower