In his 11/16/15 MarketWatch article Boomers need to consolidate retirement accounts immediately RCH President & CEO J. Spencer Williams notes that the baby boomer generation, which is closest to retirement age, stands to benefit the most from consolidating their retirement savings, vs. leaving their accounts behind at former employers.
Citing research conducted by Boston Research Technologies on America’s Mobile Workforce, Williams notes that while 50.3% of boomers indicate that they’ve left behind a 401(k) savings account at least once when changing jobs, their generation is less-likely than millennials or Gen-Xers to take advantage of a plan roll-in service, if offered by their employer.
To overcome the resistance, Williams gives some practical advice to get started, and using a travel analogy, advises boomers to get “their bags packed and their boarding passes ready” by moving their retirement savings forward.