The economic mess proves one thing, and that's those so-called 401(k) plans were not what they were all cracked up to be. They were being sold as a way to get rich quick, and never mind they were completely inferior to defined-benefit plans (traditional plans). The scheme was based on saving companies on pension costs, not on helping employees become secure in retirement.
It was a giant con. I have been saying this for probably 15 to 20 years these do-it-yourself plans were scams.
Midlife workers are coping with being screwed over on pensions.
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The View from Grizzly Peak
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