Exterior view of the Michigan Capitol Building illuminated at night.

401(k) plans never meant to be a complete retirement plan. Where does that leave future retirees?

Via Michigan Radio

By Stateside Staff

Retirement accounts, specifically 401(k) plans, were never intended to be a substitute for a pension. But, the reality is, most people, if they have a retirement account at all, it’s a 401(k). Last year, the Wall Street Journal ran a piece in which the creators of the 401(k) worry about what they started. The 401(k) was designed to supplement income from Social Security and a pension.

Frank Stafford, a professor of economics at the University of Michigan, joined Stateside ​to talk about 401(k) plans and how we use them.

Read the full article here.

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