This document discusses 401(k) retirement plans and whether they have fallen short. It provides context on the origins of 401(k) plans and how they have become the most common retirement vehicle in the US. However, 401(k)s are fundamentally different than pensions in that they offer more flexibility but also put more responsibility on individuals for funding, investing, and managing their retirement savings. Some argue 401(k)s have fallen short because many Americans do not have enough savings and lack the financial expertise to manage their retirement funds successfully. The document examines some of the misunderstandings around 401(k)s and debates whether they or the individuals using them are truly at fault for any perceived shortcomings.