from My Budget 360
Over the last generation there has been a shift from pensions to do it yourself 401k plans. The idea was pitched during a time when the stock market was in a bull run and Wall Street was excited to open up additional streams of revenue. But now a generation later, the results are rather clear. The 401k has simply not lived up to the promise for millions of Americans. Where pensions had a forced saving mechanism, the 401k with absurd fees, buffet style choices, and complicated structures simply kept many Americans out of the system from investing. This also meant decades of lost compounding and now that millions are entering retirement, they are looking at paltry nest eggs. How did the 401k destroy retirement for millions of Americans?