When the concept of 401k's and IRA's came up many years ago I asked why anyone thought that they were a good idea. I was told that they were different than Social Security because they would enable people to save their "own" money away from the Gov. I looked at the debacle that SSI was and wondered how this would be any different.
The idea of taking monies that normal people would use to invest or ... otherwise ... and socking it away in a "managed" savings account seemed like an interesting but dangerous idea.
First of all, how many people out there have "lost" a serious portion of their investment due to market fluctuations? After all is said and done, what kind of percentage has resulted?