How 401(K) Accounts Killed Pensions to Become One of the Most Popular Retirement Plans for U.S. Workers

Americans have saved about $6.5 trillion in 401(k) accounts, representing nearly one-fifth of the U.S. retirement market. Since the 1980s, 401(k) accounts have effectively replaced pensions to become one of the most popular retirement plans for American workers. In 2020, there were about 600,000 401(k) plans, with approximately 60 million...