It’s kind of ridiculous to call 401K’s a failure when government pension plans are so grossly underfunded. Pensions are the real failure. Pension plans are extremely expensive to fund. Think of large corporations like Bethlehem Steel that collapsed under their cushy pension systems. The company cannot grow enough to fund people into their 80’s and 90’s.
The real bubble that is going to explode is government pensions. We’re screwed.
They are just hitting on 401K’s because the government wants to get their hands on the money and have everyone living on the pittance they decide to give us in our retirement. When you stop producing and cost more than you contribute, they’ll cut healthcare and let you die a quicker death.
You-better-believe-it BTT. :-)