The 401(k) is a failed experiment. It is time to rethink it.
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Behavioral Economist, Teresa Ghilarducci, commenting on the fact that only 22 percent of workers 55 or older have more than $250,000 put away for retirement - My Faith-Based Retirement

I don’t necessarily believe it is a failed experiment.  Workers 55 and older grew up in a time when pensions took care of people throughout retirement.  This group is simply the first to get to the point of retirement and realize that they were actually responsible for saving, unlike their parents.  Is it fair?  Probably not.  But, if younger generations take note of this lesson, they can avoid the hardship later in life.

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