Was the 401(k) a Mistake?
The Daily
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Rethinking 401(k) Retirement Plans
This chapter explores the limitations of the 401(k) retirement system through the narrative of Paul, a fictional worker who struggles to benefit from the program due to financial challenges. It underscores how the current structure has failed many Americans, exacerbating income inequality and highlighting the need for alternatives, such as government-backed savings plans. The discussion includes bipartisan efforts to reform the retirement landscape, emphasizing the importance of matching contributions for broader participation.
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