IRA Rollovers Hit Record Pace, Still Accelerating: Study

It also found that a majority of those (51%) spoke with financial professionals before rolling over the balance. Older investors (ages 65 to 75) were more likely (56%) to speak with a financial professional than younger ones.

The report also found:

• Most investors (54%) made the decision to roll their DC plan prior to leaving their job, as much as 90 days before.
• Those with larger balances were "more deliberate" in their moves. In fact, the study found that 68% of those who rolled a balance of $500,000 or more did so before leaving the positions.
• Twenty-six percent of those who left an employer in the past two years kept the entire balance in the DC plan. Reasons included: convenience, a decision hadn't been made, the performance in plan was good, they did not need the money and the former plan had good service.

Those who did leave money in a former plan typically were younger and were women. Also, those more likely to leave savings in the DC funds worked at an educational institution, a hospital/health care organization, government employer or an employer of 5,000 employees or more.

However, "These accounts represent future money in motion, as investors may decide to cash out, roll over, transfer, or begin taking income from the account at any point," said Drew Maresca, research director, Retirement Research, in a statement.

The study also found that only 3% of those who left their job in last two years converted their savings into an annuity. The study states that could reflect "the low availability of this payout options — only 28% of these investors had an annuity payout option."