With the future of Social Security uncertain and traditional pension plans fast disappearing, many millennials understand that the responsibility of saving for a comfortable retirement falls squarely on their shoulders. But this generation of workers under age 35 faces several distinct challenges when it comes to saving more.
James Altucher has been getting lots of attention lately because of a 62-second video he posted for Business Insider, titled "Why investing in a 401(k) is a complete waste of money." I decided to write this rebuttal not so much as a direct attack on this particular video but because some of what Altucher said reflects views held by others as well.
In addition to shedding crocodile tears over the potential harm to middle-income savers if brokers have to start acting in their customers' best interests, financial services firms and their lobbyists have increasingly voiced their outrage that the Department of Labor believes it has a role to play in regulating retirement advice.