<prompt> Human: The 401k began as a technical adjustment to the tax code, one meant to mostly impact high-earning executives using profit-sharing plans. People like Benna, a benefits consultant, convinced the Reagan administration that the language of the statute allowed for all employees to put aside a portion of their salaries on a tax-deferred basis. It was supposed to supplement corporate pensions. Instead, in something almost no one foresaw, the 401k replaced them.Slate ArticleOriginal WSJ Article - Paywall---Im starting to feel like a lot of these scary articles are mostly scary for folks who fall in the average or below average bucket. For example, those who cant come up with 400 cash if theyre in a pinch.The beauty of this subbreddit is the endeavor to make more folks rise above those ranks and become decidedly above average. Spending less, saving more and being financially prepared for those unexpected incidents.While theyre getting quotes from the pioneers of the 401k, it seems clear those pioneers underestimated what they needed to squirrel away in order to really make the instrument work.  <response>: 401s and similar schemes dont make it tougher to save and invest for retirement. They just make you responsible for doing it. And quite frankly, most people dont have a fucking clue, much less actually make it happen.Instead theyll not set aside the money, and if they even bother theyll panic-sell whenever theres a semi-serious dip in the market. 