Was the 401(k) a Mistake?

 The first generation to be fully reliant on 401(k) plans is
now starting to retire. As that happens, it is becoming clear
just how broken the system is.


Michael Steinberger, a contributing writer for The New York Times
Magazine, explains.


Guest: Michael Steinberger, a contributing writer for The New
York Times Magazine who writes periodically about the economy and
the markets.


Background reading: 


How an obscure, 45-year-old tax change transformed
retirement.

What to do when your 401(k) leaves something to be desired.



For more information on today’s episode, visit
nytimes.com/thedaily. Transcripts of each episode will be made
available by the next workday.