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At the beginning of the 401(k) revolution, many employees were told 3 percent of their incomes would be perfectly adequate, as the Journal article reminds us. More recently, some, like Cindy Hounsell at the Women’s Institute for a Secure Retirement, have said as much as 15 percent. Since Americans currently put aside about 5.5 percent of their incomes, this presents something of a challenge...

Ted Benna, the man most frequently credited for the 401(k) as we know it, says he doesn’t believe “any system currently in existence” can help most Americans finance their financial needs in retirement.

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