You might be richer than you think. Literally.

Millions of Americans are unknowingly leaving behind tens of thousands of dollars in forgotten 401(k) retirement accounts—and the total value of those lost funds has ballooned to a staggering $1.7 trillion, according to a 2023 report from financial services firm Capitalize.

Let that sink in. That’s 29 million unclaimed accounts, averaging about $56,616 each, just sitting in limbo. For context, that’s one in every four dollars currently held in 401(k) plans.

“That’s a heck of a lot of money,” says James Royal, an investing analyst at Bankrate. “You could really have tens of thousands of dollars out there.”

How Does Someone Lose a 401(k), Anyway?​

It happens more easily than you’d think. Changing jobs, moving homes, or simply forgetting a small account you started at an early job can lead to a retirement fund falling through the cracks.

The average American changes jobs a dozen times, as reported by David John, a senior strategic policy adviser at the AARP Public Policy Institute. During the Great Resignation alone, 47 million Americans left their jobs—and some left their retirement money behind, too.

Even if the balance was modest at the time, years of stock market growth could have quietly transformed a few thousand into tens of thousands. “Even 10 or 15 years ago, if you put in $5-, $6-, $7,000, that could be worth three, four or five times as much today,” Royal says.

Ready to Go Treasure Hunting?​

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Good news: Tracking down a lost 401(k) is now easier than ever. If you’ve switched jobs even once, it’s worth checking.

Here are a few starting points:

1. National Registry of Unclaimed Retirement Benefits​

Just punch in your Social Security Number and see what comes up. It’s simple, secure, and one of the fastest ways to find forgotten accounts.

2. Retirement Savings Lost and Found (Department of Labor)​

Still growing and not yet comprehensive, but a promising federal resource for unclaimed retirement accounts.

3. MissingMoney.com​

A database for all kinds of unclaimed property, including 401(k)s. This one searches through US states and Canadian provinces.

Want to Dig Deeper?​

If nothing pops up in the databases, try this next:

• Check your old pay stubs and W-2s. Look for retirement contributions.
  
  
• Dig through old email inboxes or paper mail for statements from 401(k) providers.
  
  
• Contact your former employers—even if the company has merged or rebranded. The HR department or benefits administrator may have records.
  
  
• Call the big plan administrators directly. Names like Fidelity, Vanguard, and Empower handle many of the nation’s retirement plans. With your Social Security Number and employment info, they can search their systems.

“There are not that many 401(k) plan administrators out there; you could take an afternoon and call them all,” says Kate Ashford, a retirement expert at NerdWallet.

What Happens to Really Old Accounts?​

If your old 401(k) was worth less than $1,000, it may have been cashed out and mailed as a check to your last known address. If it was between $1,000 and $5,000, it might’ve been rolled into an IRA without your knowledge—often at a different financial institution.

And if the plan was terminated entirely? The Department of Labor’s Abandoned Plan Database could help you find out what happened.

The Future of Forgotten Funds​

There’s hope that fewer people will lose track of their retirement money in the future. A new initiative called auto-portability helps automatically transfer small 401(k) balances (under $7,000) into new accounts when workers change jobs.

It's a promising fix for a widespread problem: low-balance accounts are the most likely to be cashed out or forgotten, forfeiting thousands in potential future growth.

Bottom Line​

A few minutes of searching might uncover serious money you didn’t even know you had. If you’ve changed jobs—especially if it was more than five years ago—it’s time to go hunting.

That forgotten 401(k) could be worth a lot more than you think.

You worked for it. Don’t let it go to waste.

Read more:

• Protect your 401(k) savings—these hidden fees could drain your retirement funds
• The surprising truth about borrowing from your 401(k)—what you need to know to avoid financial disaster

Have you ever forgotten about an old 401(k) or retirement account? Tell us your story—or let us know if you’re planning to check after reading this. You might inspire someone else to find theirs, too.