Catatonic
Nine Lives
OH ... so it is the individuals that are the problem, not the 401k itself.Your anecdotal evidence aside, it really depends on perspective, and what you think the goal is.
30 percent of Americans have no retirement savings at all. Of the ones that do, the average 401k savings for someone at retirement age is around 100k. If the goal is to save for retirement, that's a failure.
If the goal of a 401k is to funnel money to wall street, and allow the upper middle class to avoid taxes, then it's a resounding success.
Sure, I'll go along with that.
Same as life in general.