It seems to me that the middle/upper middle classes moving from defined benefit (old school pension plans) to defined contribution (401k plans) was a chance for

It seems to me that the middle/upper middle classes moving from defined benefit (old school pension plans) to defined contribution (401k plans) was a chance for them to build up (and learn to sustainably manage) real capitalistic wealth that could be passed down to their kids. It's not a stretch to predict that to the extent the vast majority of these folks store their wealth in annuities, or similar plans that effectively evaporate upon death, the result will be much smaller estates/inheritances which would reinforce or even worsen the wealth inequality that exists today.