Bloomberg Opinion Calls 401(k) a Top 20th-Century Wealth Builder for Middle Class
Updated
Updated · Bloomberg · Aug 4
Bloomberg Opinion Calls 401(k) a Top 20th-Century Wealth Builder for Middle Class
3 articles · Updated · Bloomberg · Aug 4
Summary
Bloomberg Opinion argues the 401(k) remains one of the most effective tools for building middle-class wealth, calling it a standout financial invention of the 20th century.
Ted Benna, widely credited as the 401(k)'s inventor, is cited as taking the opposite view, arguing the system has mainly benefited the wealthy.
The column rejects that critique, saying the 401(k) has driven broad-based wealth creation despite acknowledged weaknesses.
Bloomberg's broader conclusion is that, flaws aside, the 401(k) may still be the best retirement-saving system available globally for ordinary workers.