I was working as a bartender in a popular downtown watering hole back in the 80s when the 401K scam began. Many money management types frequented my bar and some of them got a rise out of my contrarian ways. I'd say things like, "Oh, you want me to give you my money so that you can pay your bar tab" and "Are you gauranteeing these returns and lower tax rates when I retire?".
From the Wall Street Journal yesterday.
Retiring Boomers Find 401(k) Plans Fall Short
Though the 401ks provided billions of dollars for money managers to play with, apparently less than 10% of 401Ks have enough funds for retirement. Most of them are seriously underfunded. Yet we still have these money managers pushing for less Social Security and more private investment. They'll say most people didn't do it right and I'll say "It's a poor coach who blames his players".