Retirement industry experts say automatic portability could be the solution to a pervasive problem.
The ratio of the combined 401(k) and IRA balance to the average 401(k) plan balance was 2.48.
Advisers share ideas for advisers to help small business owners and those who are self-employed save for retirement.
Experts see more value for participants to move their money from one 401(k) to another 401(k) than from a 401(k) to an individual retirement account.
Forty-two percent don’t even know it is possible to keep assets in a plan once one leaves an employer.
Withdrawals from IRAs accounted for most of the leakage, according to the GAO.
Because people are living longer, healthier lives, the Wells Fargo Investment Institute has suggested different ways that Millennials, Generation X and Baby Boomers can successfully save for retirement.
Participants who were age 60 or older when they retired were more likely to keep assets in the plan if it permitted installment payments, according to Alight Solutions.
Forty-four percent say that focusing on health and wellness is a primary concern, according to a survey by TD Ameritrade.
Among those who make ongoing contributions, 53% were approached by a financial services company or professional to set it up.
The optional living benefit rider is available within Lincoln variable annuities and is designed to help maximize income on qualified money.
And the owners of traditional IRAs rarely withdraw from their accounts, according to ICI data.
In the past 10 years, the average 401(k) balance has grown 87%, from $56,900 in the third quarter of 2008, Fidelity Investments reports.