Reported about 9 hours ago
The 401(k) system, established in 1978, faces significant challenges related to account portability, resulting in many employees losing track of their retirement funds. Currently, only about 50% of workers have access to these plans, and around 25% of assets remain abandoned. Experts suggest that employees should consider rolling over their 401(k) into an IRA for better control over their retirement savings. Additionally, new solutions like the Portable Retirement Plan (PRP) could simplify the management of retirement accounts and maintain their portability as employees change jobs.
Source: YAHOO