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Vanguard Study Reveals 401(k) Rollovers Lag | Markets & Money News
A new initiative called the Portability Services Network is helping workers retain their 401(k) balances when changing jobs, significantly reducing cash-outs for accounts under $1,000 from 50% to just 9%. For balances between $1,000 and $7,000, the cash-out rate has also declined, but only 6% of transfers to new employer plans have been successful. Additionally, many workers struggle to track their retirement savings, particularly among Gen Z and millennials, indicating room for improvement in
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