Stranded Retirement Accounts a Bigger Problem Among Low Income and Millennials
A study from Retirement Clearinghouse and Boston Research Technologies explores the scope of the mobile workforce missing participant problem with retirement plans.
The study found 11% of stranded accounts had a stale address, and there were 1.42 stranded accounts per participant. Thirty-one percent of these accounts had balances less than $10,000, and 73% had less than $100,000.
One-third of participants in the survey learned of an account they did not realize they had—50% of these were Millennials.
Read More: Plan Adviser