Social Security Report

One Economist Says the 401(k) is Not ‘a True Retirement Plan’

Ben Werschkul, a senior writer and producer for Yahoo Finance, takes readers through the 401k law signed by President Jimmy Carter. Over 59 million Americans are now covered by these plans, which have undergone significant changes since they began in 1978, including in the recent SECURE Act of 2019. The 2019 changes opened up 401k plans to part-time workers and improved access to annuities. Annuities like Social Security pay a fixed sum of money every year, typically for the rest of one’s life, and Werschkul argues for more changes to make 401k plans more like Social Security.

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