One Open Enrollment Move That Isn't on Your Benefits Form
Mid-Year Retirement Planning Checklist: 5 Questions to Ask Yourself About Your 401(k)
"I Didn't Realize How Much It Was Weighing on Me": 5 People on What It Felt Like to Finally Get Their Retirement Savings in Order
The 401(k) You Forgot About is Costing You More Than You Think
The Retirement Gap Women Can’t Ignore
Millennials and Gen X Are Underestimating How Long Retirement Will Last
Tax Season Checklist
Year-End Retirement Checklist
Catch-Up Contributions for 401(k)s and IRAs Explained
401(k) Rollover Checklist
Year-End Retirement Tax Strategies
401(k) Explained: Everything You Need to Know Before Your Next Job
IRA and 401(k) Deadlines
What Caregivers Can Do to Close the Retirement Gap
401(k) vs IRA? Side-by-Side Comparison
What IRA is Best for a Self-Employed Person?
A Simple Guide on IRA Contribution Reporting
A Comprehensive Guide to Traditional and Roth IRAs
One Open Enrollment Move That Isn't on Your Benefits Form
While you're busy comparing health insurance deductibles, don't let your past 401(k)s sit forgotten. Take control of your old retirement accounts in minutes.
The Open Enrollment Blind Spot
Every year, one line on the employee benefits portal may get less attention than it deserves, even though it could shape your future the most.
Open enrollment can be one of the moments each year when your employer brings several major financial decisions to your attention at once:
Health plan deductibles and premiums
Dental and vision networks
Life and disability insurance
HSA, FSA, or commuter benefits
By the time you scroll down to the retirement section, your decision-making energy may already be running low. It's worth checking whether your contribution rate still reflects what you'd choose today, before you click "submit" and move on.
That's understandable. A doctor's visit feels urgent, while retirement can feel abstract or far away. Open enrollment, however, is a time when your attention is already locked onto your financial life. That makes it a good moment to ask a critical question: What is happening to the 401(k) from my last job?
The Accounts That Don’t Follow You
Every time you switch employers, there is a chance you leave a retirement account behind. Sometimes it's intentional. Other times, it's just something that got put off. The new job starts, the new benefits kick in, and the old 401(k) gets left where it is.
Right now, tens of millions of abandoned 401(k) accounts exist across the United States. They aren't gone, but they are often sitting in default investments you didn't choose, stuck in low-growth cash positions, or being quietly eroded by hidden administrative fees you may not know about.
Justin's Story: Too Many Old 401(k)s
Every time Justin changed jobs, he left another 401(k) behind. He didn't think much of it at the time.
Years passed.
When he finally took stock, he realized his retirement savings were scattered across several accounts, each with its own login, its own fees, and no clear strategy tying them together.
"I had 401k's from all my old different jobs just sitting there," Justin says. "Different logins, different fees, no real plan."
Don't let your hard-earned money sit in the dark. Open enrollment is your annual reminder to check what your old accounts are actually costing you.
Be Retirement Confident.
Roll over all your old 401(k)s into a PensionBee Individual Retirement Account (IRA). It takes just a few minutes to sign up.
The second question open enrollment should prompt, but almost never does, is whether you are saving enough.
It's easy to rely on a generalized rule of thumb: save 10% to 15% and hope for the best. That kind of number, however, doesn't account for the real cost of housing in the specific city you want to live in, regional healthcare inflation, or what your actual lifestyle may cost.
Step 1: Understand your rollover options
When you leave an employer, you generally have four options for an old 401(k): stay in your former employer's plan, roll it into your new employer's plan if allowed, roll it into an IRA, or cash out. Each option can have different tax implications, fees, investment choices, and rules.
If you choose to consolidate, bringing old accounts together can give you a clearer picture of what you have today. With PensionBee, you can bring your old 401(k)s and IRAs into one easy-to-manage IRA and can earn a 1% match on every account you roll over or every time you contribute (terms and conditions apply).
Step 2: Estimate your retirement needs
Once your accounts are consolidated, you have a true starting point. From there, you can estimate what you may need to retire comfortably, factoring in where you plan to live, expected healthcare costs, and the lifestyle you want, and roughly how much you'd need to save each month to get there. Knowing that number can help you see whether there are any gaps worth looking into or closing during open enrollment.
Three Financial Moves Worth Considering Today
This could be the year retirement gets more than the leftovers of your open enrollment energy. Here are three steps that might take about 10 minutes:
Consider increasing your contribution rate: It may be worth increasing your contribution rate, especially if it hasn't changed since you started your current job, or if you got a raise this year. Even small adjustments can compound significantly over time.
Check your real number: Taking a few minutes to estimate your retirement needs before you finalize your benefits form can help you see whether your current retirement plan aligns with your real-world goals.
Look into locating and rolling over old 401(k)s: Bringing old accounts under one roof can make it easier to see whether your money is growing under fees you understand.
What a Rollover Actually Looks Like
Think rolling over old accounts is a headache waiting to happen? Erin, a financial consulting professional, had three separate retirement accounts scattered across past employers. With the help of a dedicated PensionBee BeeKeeper guiding her through the process, she rolled over all three accounts in under 30 minutes.
Health insurance choices matter for the next 12 months. Your retirement choices compound for the next several decades. Take a few minutes to prioritize your future self today.
Be Retirement Confident.
Roll over all your old 401(k)s into a PensionBee Individual Retirement Account (IRA). It takes just a few minutes to sign up.
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