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 (https://www.nytimes.com/2024/05/08/magazine/401k-retirement-crisis.html) .
• What to do when your 401(k) leaves something to be desired (https://www.nytimes.com/2024/04/19/business/401k-fees-retirement.html) .

For more information on today’s episode, visit nytimes.com/thedaily (http://nytimes.com/thedaily?smid=pc-thedaily) . Transcripts of each episode will be made available by the next workday.