I'm with you on 401k. I think the parent was more about pension plans where they are tied to an employer and the employee does not have much say in their retire

I'm with you on 401k. I think the parent was more about pension plans where they are tied to an employer and the employee does not have much say in their retirement. A 401k can be rolled into an individual retirement account, allowing an individual to manage their own retirement money and allows portability between jobs. Pensions are often 'all or nothing'.