The first generation to be fully reliant on 401(k) plans is now starting to retire. As that happens, it is becoming clear just how broken the system is.

Michael Steinberger, a contributing writer for The New York Times Magazine, explains.

Guest: Michael Steinberger, a contributing writer for The New York Times Magazine who writes periodically about the economy and the markets.

Background reading: 

• How an obscure, 45-year-old tax change transformed retirement.
• What to do when your 401(k) leaves something to be desired.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

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