The 401(k) was never designed to be a retirement plan

The 401(k) started as a tax-deferred bonus deferral tool in 1978, it was turned into a mass savings vehicle in 1980 meant only as a pension supplement.

It evolved into America’s primary retirement system as companies ditched guaranteed pensions, shifting all risk to workers. Wall Street now profits massively from high fees and asset management on trillions in 401(k) funds.