Retirement Repair

Don't have a pension? Fear not. New 401(k) plans could make you feel like you do

Illustration by Oliver Munday for TIME

A decade ago, 401(k) plans seemed like the ticket to carefree retirement. Workers enjoyed managing their own money and believed that 10% annual returns would flow for life like gravy. Employers were happy to match workers' contributions and ditch costly pensions. And policymakers thought they'd found the Holy Grail of quasi social safety nets.

Now, in the wake of the Great Recession, poorly performing 401(k)s are losing their luster while savings schemes akin to your dad's trusty pension are coming back. With so many workers ill prepared for retirement, some big employers, like aerospace and manufacturing giant United Technologies Corp., are...

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