Pioneers of the first 401(k) plans are having some second thoughts.
"I helped open the door for Wall Street to make even more money than they were already making," Ted Benna, a benefits consultant with the Johnson Companies known as the father of the 401(k), recently told The Wall Street Journal. "That is one thing I do regret."
Benna went on to say that he doubted that "any system currently in existence" would be effective for American retirement savers.
In 1984, 401(k) plans had $91.8 billion in assets. Now these employer-sponsored plans hold more than $4.8 trillion in assets, according to the Washington-based Investment Company Institute.
"401(k)s have experienced tremendous growth, and workers are putting more money in today than ever before," said Sarah Holden, senior director of retirement and investor research at ICI. "[These plans] established themselves as a successful component of America's retirement savings system."
Since you may have time to wait for the perfect retirement system, here's what you can do to maximize your 401(k) plan in the new year: