Was the 401(k) a Mistake?

 The first generation to be fully reliant on 401(k) plans is now starting to retire. As that happens, it is becoming clear just how broken the system is.Michael Steinberger, a contributing writer for The New York Times Magazine, explains.Guest: Michael Steinberger, a contributing writer for The New York Times Magazine who writes periodically about the economy and the markets.Background reading: How an obscure, 45-year-old tax change transformed retirement.What to do when your 401(k) leaves something to be desired.For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.