Are you among the 1 in 3 Americans who may have lost track of retirement savings? Gen Z and millennials face the risk, here’s where to find your old 401(k) before retirement

One in three Americans say they may have lost track of retirement savings left with a past employer. This comes from a recent survey by Empower, a retirement-plan provider. Younger workers are affected the most. Half of Gen Z and 45% of millennials say they may have lost track of some of their savings.

Eileen Olson, a certified financial planner at Emerald Wealth, compared finding such money to finding cash in the sofa. Even a small balance can matter, she said, because growth and compounding add up over time.

Most Americans say they fear running out of money in retirement. An account you forget about is money you cannot count on when you stop working.

Why the money goes missing and where to look

Most Americans change jobs at least once, and more than half have changed employers three times or more. During a job switch, moving old savings is easy to forget. Nearly half of those surveyed by Empower said they put it off because it felt overwhelming.

Olson said these accounts usually get lost quietly. People move house, change their names, or leave a company that later merges or changes its name. A small balance makes it easier to keep delaying.

If you think you left money behind, start with the Department of Labor’s Retirement Savings Lost and Found Database. If you find an account there, contact the HR department of your former employer. Corinna Rose, a certified financial planner at Bell Investment Advisors, said HR can help you claim the money or point you to the custodian, which is the firm that holds the account.

How to keep track and what to do with old accounts

Both advisors said you should keep a close record of your retirement accounts. A personal finance app, a financial advisor, or a simple notebook listing where each account sits can all work.

When you leave a job, you can move your old 401(k) into an individual retirement account (IRA) or into your new employer’s plan. An IRA rollover takes more effort than moving money into a new employer’s plan. Rose said it can still be a good choice if the new plan has weak investment options. Olson advised making the rollover part of your to-do list when you resign.

Ask for a direct custodian-to-custodian transfer. If the money is paid to you first, the plan must usually withhold 20% for taxes. Anything you do not put back into a retirement account within 60 days counts as a withdrawal. It becomes taxable, and if you are under 59½, a 10% penalty applies as well.

You can also leave the money with your old employer, as long as you keep track of it. This may make sense if the old plan has better investment options than the new one. There is a risk, though. A small startup, for example, may shut down or merge, and your savings could become harder to reach later, Rose said.

Rose said the decision has a numbers side and a mental side. On the numbers side, ask whether the plan has good investment options and low fees.