Statistically, you will likely change jobs several times before retiring. In fact, a Pew Research survey estimated that 30% of American workers changed jobs in 2022 alone, most for higher pay. But doing so can be treacherous for your ability to retire when you want and with the lifestyle you want. Why? Because too many people cash out their entire 401(k)s whey they leave a job — and employers do little to prevent it.
According to Vanguard data from 2021, the median 401(k) account for a 55- to 64-year-old was $89,716. That won’t take a middle-class person very far, even with partner retirement savings, Social Security and other sources of retirement income.
