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Do it too often, and you could lose as much as $300,000 in some instances.
Learn job hopping can affect your retirement savings.
Sometimes, they forget to sign up for a 401(k) plan with their new employer.
Others, they end up auto-enrolled in a plan but with alower savings rate.
Even withpotentially better payor benefits, these dont always make up for the long-term monetary loss.
To maintain savings momentum, a worker needs a 6% or higher default savings rate.
Butnot every employeroffers this.
This means several years where the savings rate is lower by default.
This design is effective if workers do not switch jobs and remain with one employer for their entire career.
Some experts suggest setting aside anywhere from 10% to 15% of your annual income for retirement savings.
In the case of 401(k) plans, this includes employer contributions.
And if someone changes jobs every few years or so, they might never get there.
It might be time for a change.
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