The Retirement Mistake That Costs 4 in 10 People Thousands of Dollars

Employer-sponsored retirement plans like the 401(k) are the primary tool working people use to save for their golden years. People used to spend all or most of their working years with one company, but workers are much more likely to change jobs today.

Unfortunately, roughly 40% of people make a costly mistake when they switch occupations, potentially costing them thousands of dollars over the long run. So if you think you might get a new job at some point, read this so you're not unintentionally hurting your financial future.

Too many people are cashing out their old retirement plans when leaving for new jobs. According to a study by Harvard Business Review, just over 40% of workers cash out at least a portion of their 401(k) plan when leaving or changing jobs. Most of those people, about 85%, withdraw all the funds.

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Source Fool.com