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When workers retire, a key decision they may face concerns their 401(k) savings<\/a> \u2014 do they leave the money in their employer plan, or roll it over to an individual retirement account<\/a>?<\/p>\n Companies are increasingly adding features to their 401(k) plans that may entice retirees to leave their money there, including more flexibility for retiree withdrawals and annuity options in their lineups. These changes are intended to accommodate better the needs of retired workers, who shift from accumulating assets as an employee to spending them as a retiree<\/a>.<\/p>\n It\u2019s also generally in the company\u2019s interest to keep retirees with large balances in its 401(k) plan, said Craig Copeland, director of wealth benefits research for the Employee Benefit Research Institute.\u00a0The more assets in the plan, the lower the cost for both the plan\u2019s administrator and participants.<\/p>\n \u201cKeeping high-balance accounts in their plan [means] they can spread the costs among more assets,\u201d Copeland said.<\/p>\n<\/div>\n The slow but steady changes are coming as roughly 11,000 people turn age 65 every day, in what\u2019s called \u201cpeak 65\u201d \u2014 the biggest number of Americans hitting that age in history, according to the Alliance for Lifetime Income<\/a>. An estimated 4.1 million are expected to reach that age from 2024 through 2027.<\/p>\n Additionally, more workers are reaching retirement with a 401(k) and need to figure out how to stretch it across their lifetime. That\u2019s in contrast to decades ago, when it was more common to retire with a company-sponsored pension that delivered steady income throughout retirement. <\/p>\n Older workers \u2014 those at least age 55 \u2014 are more likely than younger workers to self-direct their retirement investments versus use professional guidance, according to Vanguard\u2019s 2025 How America Retires study<\/a>. One-half of them are do-it-yourself investors, and they tend to have higher balances, averaging $420,000. This means they may be making decisions about their 401(k) on their own.<\/p>\n The fear of not having enough income is prevalent among savers: 66% worry they\u2019ll run out of money in retirement, according to Blackrock\u2019s 2025 Read on Retirement survey. The majority \u2014 93% \u2014 want guaranteed income in their golden years.<\/p>\n<\/div>\n66% of savers worry they\u2019ll run out of money<\/h2>\n