New research in collaboration with the Center for Retirement Research highlights the progress U.S. workers have made toward saving for retirement
Capitalize, the award-winning platform to find and transfer retirement accounts, today released its new 401(k) Statistics Tracker in collaboration with the Center for Retirement Research (CRR). The collaboration stems from shared missions: to facilitate data-driven discussion in the retirement savings market and empower workers to grow their retirement savings.
The new Capitalize 401(k) Statistics Tracker provides and analyzes data from a range of sources, including public, proprietary, and institutional data, in order to surface insights representative of the broader retirement savings landscape in one place. This broad, cross-institutional tracker fills an important gap in the market and highlights key trends among all 401(k) account holders to complement existing research offered by financial institutions derived from their own users.
“Capitalize's new 401(k) Statistics Tracker offers a powerful snapshot of 401(k)s and retirement savings that we believe will facilitate data-driven discussions of how to help Americans better save for retirement," said Gaurav Sharma, CEO of Capitalize. “Among other things, the findings show the growing popularity of 401(k)s as a retirement saving vehicle with more than 70 million private sector workers now having access to 401(k) accounts. We expect this tracker to be an important hub for those seeking independent data and insights on the 401(k) market in one place.”
“We are excited to be joining this new initiative in an advisory role,” said Andrew Eschtruth, Deputy Director for the Center for Retirement Research. “We hope the Capitalize 401(k) Statistics Tracker will foster dialogue leading to more positive outcomes in retirement.”
To date, the Capitalize 401(k) Statistics Tracker has highlighted a range of metrics that underscore ongoing progress in 401(k) access, balances, and contributions. Some of the key findings include a new estimate that nearly 6 in 10 U.S. workers now have access to 401(k) plans, equivalent to over 70 million private sector workers. Additional findings include new national estimates of 401(k) contributions and 401(k) account balances as of the end of 2023.
The Capitalize 401(k) Statistics Tracker aims to build on Capitalize’s prior proprietary research, including the widely cited report on forgotten 401(k)s (The True Cost of Forgotten 401(k) Accounts) which estimated that there were over 29 million left-behind or forgotten 401(k) accounts holding approximately $1.65 trillion in assets in 2023.
While U.S. workers continue to make progress in saving for retirement, many challenges remain. Capitalize is excited to release additional research to highlight the opportunities and gaps that prevent American workers from saving enough for retirement, along with practical proposals to improve retirement savings outcomes.
About Capitalize
Capitalize is a technology company that helps consumers digitally locate and roll over their old 401(k) accounts through an easy-to-use online platform. Capitalize’s platform manages the entire 401(k) rollover process, using proprietary technology and delightful customer service to dramatically simplify the process of transferring and managing retirement accounts. Capitalize has been recognized as one of TIME’s 100 Best Inventions, as well as by Fast Company as a World Changing Idea and by Forbes as one of the Top 50 Fintech Companies in the US. Visit www.hicapitalize.com to learn more.
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Contacts
Mary Rykaczewski
VP of Marketing
mary.rykaczewski@hicapitalize.com
