Although it used to be the norm, today we see fewer folks working for one company for their entire career and earning a true pension, as in a defined benefit plan. These days, we see more people switching jobs and working for multiple companies (and maybe even having multiple careers), as they work their way toward retirement. Another difference in today's retirement world is the fact that now most companies utilize a defined contribution plan such as a 401(k), where the employee is also responsible for contributing to their retirement account.
If you are changing jobs, or have done so already, then it is in your best interest to keep track of the retirement accounts you own from previous employers and roll those into one IRA after you leave your place of employment. This may lower the amount of annual administrative fees you pay, give you more control over the investment strategy of your money, and provide you and your advisor with a more complete and accurate picture of your retirement savings.
If you are starting a new job and are unsure about the investment choices offered by your new 401(k) or other similar retirement plan, feel free to contact our advisors with any questions. It is a good idea to review all of your retirement accounts with your advisor so that there is a consistent effort to avoid duplication of investments between your accounts.