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The 401K'ification of retirement has been a disaster for Americans and a boon to Wall St. I feel very fortunate that we have a defined benefit pension plan as well as a 401K. Of course that pension plan has been phased out for new employees at my company so Gen Z will be screwed again.
The 401K program was never designed to be the primary retirement savings program but once Corporations saw an opportunity to save a dollar, workers' fates were sealed.
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