Remember the days when you could get a job with a pension plan and then retire after 20 to 30 years of working?
Most those jobs where Union jobs back in the day, so what happened to the unions? The decline is due to may reasons. Primarily the decline in domestic manufacturing jobs and use of corporates influence within government to deregulate industries, promote international trade agreements and weaken labor laws. This means corporations out source jobs foreign countries, create tax havens for themselves and reduce labor costs because of NAFTA, AFTA and OPEC.
The Truth of 401K's!
today you have to take on the 401K contributions to get the matching funds from your employer. Employers only have to match up to 50% of what you put in up to 6% of your total salary. Say you make 40K annual that's only roughly $2,400 dollars. So you only have to put in about $200 a month to max out your your contributions for matching funds. Getting the maximum matching funds is really the only benefit to 401K plans.
Okay that's fine, but then your money is tied up for decades while these same companies are reinvesting your money and making millions while they are only paying you pennies on the dollar for your contributions and you still are getting hit for the taxes on it now or later. By the time you withdraw the money without penalties you're basically earned enough to match inflation on your investment. While these corporations just got a massive tax cut from Trump.
Why not just tax the corporations to pay and additional 5% into your social security on top of your pay check deductions and let you save and invest and spend your money how you like?