Beware of 'junk IRAs' that can drain retirement savings: Report

Millions of Americans leave 401(k)s behind when they change jobs, and in many cases, that money ends up in low-return, high-fee "Safe Harbor IRAs" that can erode retirement savings, a new report warns.

By 2030, roughly 13 million former employees are projected to have about $43 billion in retirement assets automatically rolled into Safe Harbors, according to a PensionBee analysis that draws on data from the Employee Benefits Research Institute.

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