401k Leakage

On average, about 30% to 40% of people leaving jobs elect to cash out their accounts and pay taxes and often penalties rather than leave the money or transfer it to another tax-advantaged retirement plan, according to recordkeepers and economists.

The Rising Retirement Perils of 401(k) ‘Leakage’ – Wall Street Journal

Fortunately, I haven’t had any major emergencies that required me to take a loan from a retirement account, but reading this article does remind me that I need to consolidate all of my retirements accounts.