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My bottom line reads more like, "If you don't know enough about finances to manage your 401(k) properly, and don't have enough sense to get help, you may be in trouble." But if you are in that position, then you are probably going to have financial difficulties no matter what options are available to you.

Tell that to the people who lost their DC value from Enron/Lucent/Global Crossing/etc. Are you actually saying that if you are in a position at age 65 where you have inadequate savings that, regardless if whether a defined benefit plan was available, you would have financial difficulties anyway??

I'm glad you aren't my company's employee benefit consultant. Sink your teeth into this:

Most employees severely underestimate their retirement needs. They don't know how long they will live, and they truly can not be trusted to invest their retirement money. I'm all for the Fool approach of financial independence and empowerment, however, I'll take my employer's GUARANTEE over my GAMBLE any day of the week. Part of being smart about your money is not falling for fools gold when you see it.

Wait and see what happens when the first generation of DC only employees hits retirement.
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