A new Empower study reveals that 34% of Americans struggle with retirement account drift, as multiple legacy accounts from previous employers create complexity in managing long-term savings.
Empower released a study on retirement savings, but the announcement is informational and has no direct financial impact.
Empower's latest research highlights a growing trend of 'retirement drift,' where workers leave behind fragmented savings accounts as they change jobs. This accumulation of legacy accounts complicates long-term financial planning for over a third of the American workforce.
Retirement drift refers to the phenomenon where individuals accumulate multiple, unmanaged retirement accounts from various past employers, leading to a fragmented and complex financial picture.