The advent of 401(k) plans nearly 50 years ago began a transformation in our country. Where once the bulk of our retirement system was placed on the shoulders of employers, with no real way for employees to save for themselves in a scalable, institutionally priced way, today far more Americans stand ready for retirement than their pension predecessors.
In the ensuing years, our industry and (yes, we can admit it) the support of the Department of Labor have created a system in which Americans have accumulated more than $10 trillion in savings through innovations such as automatic enrollment, automatic escalation and the qualified default investment alternative. But there is a final leg of the stool missing for participants.
This article was contributed by Scott Colangelo of Prime Capital Financial.
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