Joe Biden’s proposal to make 401(k)s fairer highlights the holes in Americans’ retirement savings. His solution isn’t radical enough.

The 401(k) is having a midlife crisis.
Depending on your point of view, and probably your tax bracket, it is either a raging success or never quite lived up to its potential. The latest signal is a proposal from Democratic Presidential candidate Joe Biden to tweak the tax benefit at the heart of the popular savings plan, kicking off a fierce debate. Some experts claim it will make it fairer while those representing investment firms say it will hurt them.
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