Michael Steinberger, a contributing writer for The New York Times Magazine specializing in the economy, discusses the critical flaws in the 401(k) system as the first generation relying on it retires. He highlights the shift from traditional pensions, exposing the risks to lower and middle-income workers. Through personal stories, he emphasizes how structural failures in 401(k) plans have worsened income inequality. The conversation challenges whether retirement should be viewed as a right or a privilege, suggesting a reevaluation of the current retirement landscape.