Engineering In The 401(k) World

From the May 1, 2013 New York Times column by Tom Friedman - - It's a 401(k) World:

If you are self-motivated, wow, this world is tailored for you. The boundaries are all gone. But if you’re not self-motivated, this world will be a challenge because the walls, ceilings and floors that protected people are also disappearing. That is what I mean when I say “it is a 401(k) world.” Government will do less for you. Companies will do less for you. Unions can do less for you. There will be fewer limits, but also fewer guarantees. Your specific contribution will define your specific benefits much more. Just showing up will not cut it.

The policy implications? “Just as having a 401(k) defined contribution plan requires you to learn more about investing in your retirement, a 401(k) world requires you to learn much more about investing in yourself: how do I build my own competencies to be attractive to employers and flourish in this world,” said Byron Auguste, a director at McKinsey and one of the founders of Hope Street Group, which develops policies to help Americans navigate this changing economy. “As young people rise to that challenge, the value of mentors, social networks and role models will rise.”