401(k)s were NEVER designed, bud, for workers' retirement; they were SCAMS designed SOLELY to save companies on pension costs by transferring all of the risk to the employee, unlike defined-benefit plans, TRUE pensions, where the employer bore the risk and had to make good on the deal.
These "defined contribution" plans were and are total scams, mostly unregulated, and peddled by the likes of the Friedmanites in the GOP hoping someday they could con enough people into believing they wouldn't need Social Security and THAT would be ripe for the picking and plundering.
As far as I am concerned, the 401(k)s should be banned and companies should be either forced to provide defined benefit plans, or else the federal government come up with something in addition to Social Security that is fully insured.
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