It is easy to forget that 401(k) plans have only been around for three decades. We have learned a lot in that period, and the jury is now in: The 401(k) experiment has failed. This system does a better job of enriching the financial sector than in providing retirement security to Americans.
So what happens in a marketplace when buyers lack information and can't easily exercise consumer choice? Sellers can charge whatever they want. And this is pretty much the case in the 401(k) marketplace.
Social media has changed nearly everything we do -- 401(k) questions are no exception. These days, when something doesn't seem right, savvy investors take to Twitter, Facebook, and blogs to discuss and get answers.