Old 401(k)s, old 403(b)s, and IRAs from jobs you've since left.

Why old accounts get left behind

When you leave a job, nobody schedules a meeting about your old retirement account. It stays exactly where it was, often in whatever default investment it was originally set up with, quietly charging fees whether or not anyone is paying attention to it.

Multiply that across a career that might include a first job out of college, a district in another state, or a stint outside education entirely, and it's common to lose track of one or more accounts entirely.

What tends to happen to a forgotten account

• It stays in an outdated, overly conservative or overly aggressive investment mix for your age.
• Fees continue to be deducted whether or not the account is being managed.
• Contact information goes stale, making the account harder to track down later.
• It gets left out of retirement planning entirely, because it's easy to forget it exists.

Consolidation — what it is and isn't

Consolidating means combining old accounts into fewer, better-tracked ones. It isn't automatic, isn't always the right move for every account, and isn't something to do without understanding any tax implications first. But for many educators, simply knowing what they have and where is the missing first step.

A quick way to check

• List every employer you've had since your first job, including short-term ones.
• Note which ones offered a retirement account and whether you contributed.
• Check old pay stubs, W-2s, or email for account statements.
• Search the National Registry of Unclaimed Retirement Benefits if you've lost track entirely.