Job changes lead to ‘retirement drift’ for Americans’ savings

One in three Americans may experience "retirement drift" — when retirement savings get fragmented, complicated, and harder to manage with each job change.

A recent online poll of 2,005 U.S. adults, commissioned by Empower, found more than four in five (84%) have changed employers at least once in their career, and 39% have their retirement savings spread across multiple employers, making it difficult to track and manage.

Younger generations are more likely to lose track of retirement savings from previous employers: half of Gen Z (50%) and 45% of Millennials have lost track of old savings, compared to 30% of Gen X and 14% of Boomers.

Fifty-four percent of respondents agreed that having retirement savings in multiple accounts makes it harder to plan for retirement. In fact, 40% worry they could lose track of their retirement over the course of their career.

According to 45%, managing their retirement savings becomes increasingly more complicated every time they change jobs.

Yet, a majority of respondents (85%) believe leaving a job shouldn’t mean starting all over again with their retirement savings.

“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.”

For many Americans, facing multiple retirement accounts makes consolidation daunting. Over half (57%) said they tend to put off financial tasks that seem complicated — this was especially the case for Gen Zers (69%).

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And as 54% find retirement planning more confusing than other areas of personal finance, just as many have put managing their retirement savings at the bottom of their financial to-do list.

Nearly half (47%) have delayed dealing with retirement savings, such as initiating a rollover, because it felt overwhelming, including 58% of Gen Z and 57% of Millennials.

Having a clear view of retirement savings accounts can bring many a sense of confidence and control. A large majority (84%) said keeping their retirement savings organized gives them peace of mind, and nearly as many (83%) feel more in control when those savings are organized in one place.

Three-quarters of respondents (76%) said that clear, step-by-step guidance would make them more likely to take action. Seventy percent also said they'd be more likely to act if they better understood the retirement options in front of them. Nearly two-thirds (63%) believe AI and digital tools can make retirement planning easier for them. However, while 73% believe AI is a valuable complement to human, professional financial advice, it shouldn't replace the human experience.

In fact, 78% said for their important retirement decisions, they'd trust a financial professional more than they would AI.

When asked what would make them most likely to review or act on their retirement savings, respondents most often chose talking with a financial professional (22%) and approaching retirement (19%).

“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.”

Jobs change. Retirement planning doesn’t have to start over. Talking to a financial professional can help you learn more and better understand your options.

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

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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