A few pointers to our younger readers:
-- 401K defer taxes, thus a driver will realize tax savings. For example, a driver in IL would realize 30% savings on his contributions last year; when he retires in FL, he will only pay 10-15% of it toward taxes. Most part-timers will already be in the 10-15% bracket, therefore most will not realize any tax savings from their deferrals.
-- 401K aren't free; they contain maintenance, management, brokerage & other transactional fees that aren't always transparent. These fees grow as your account swells. For a driver with a balance of nearly $1M, how much are these fees? Higher than his annual gross pay. These fees are why financial advisors/investment firms push so hard for you to contribute to a 401K.
-- Yes, you should be saving for retirement. But life gets in the way. Interest rates will never be this low again, so saving for a down payment on a new home will likely be a much stronger investment. And then life gets in the way.... college debt, braces for the kids, etc. Paying high interest loans is arguably a smarter idea than contributing to a 401K.
-- Be weary of stated returns. My mutual fund has done very well over the past 7 years (20% return). My GF's dad had his pension paid in a lump sum then rolled the $ into an aggressive 401K ... he lost most of it (2007-2009) and even with strong returns will never catch up to his principal. It just varies based upon the specific situation you're in. And many people are bracing for a market correction...