Please Explain: 401(k)s, 403(b)s, and Saving for Retirement

Tax-advantaged accounts like the 401(k), 403(b), and 457 plans are popular ways to invest money for retirement, but unlike traditional pension plans, these plans require people to manage their investment strategies yourselves. Eleanor Laise, Editor, Kiplinger's Retirement Report, and Anthony Webb, research economist at the Center for Retirement Research at Boston College, discuss how these plans work, how best to manage them, and how to plan—and save—for retirement.