Also of note is that the 401k was devised as a supplemental retirement account.
It was never devised to take the place of traditional pensions and savings.
Social Security is also supposed to be supplemental. It’s a pittance.
But feckless Americans count on Big Government to take care of them when retired. They don’t save for a rainy day. They live paycheck to paycheck. They panic at the slightest hint of unemployment, serious illness and cuts in Medicare and Social Security.
The welfare state has gone mad. Simply because we don’t save enough.