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The switch to 401Ks make S.S. more important  The old pension
plans will pay retirees for as long as they live.  The 401Ks are
a finite amount of money that needs to be metered out over a
period of time and will run out if miscalculated.  So.... how
long are you planning on living?  If you save $500K and you
allot yourself $50K/year you have money for 10 years (give or
take what you get in interest or return on your investment).
Retire at 60-65 and you run out at 70-75 years of age. If you're
still living - too bad.  Now, compound the problem: Some people
are greedy. They are the people who have maxed out their credit
cards and then claim bankrupcy, dump the debt and start over
again. These people will take $75K/year and live the good life
for 7 years and then tell the government thay