Well, it's time to get out the Tombstone because the 401k is doomed. It was already on its deathbed, but now it really totally has been killed off the 401k had its had its heyday back in the day.

I remember people talking about in the 1990s and they were positive about it.

It's never really coming back though.

Many people think of the 401k

as the ultimate retirement plan in the United States but the truth is it's not a

reliable source of retiring in this day and age. Maybe it was 20-30 years ago

because it was partnered in tandem with pension plans that have all but disappeared.

It was never meant to stand on its own.

On today's show, you're going to learn five main reasons why the 401k is doomed so let's get into it and not to be all

doom and gloom here but I will give you an alternative in all of this. The 401k

was never meant to stand on its own as a retirement vehicle. A 401k was created to

supplement an employer-funded pension plan, or defined benefit plan as it was called.

Up until the 1980s, the pension was the most frequently used retirement plan but then these days

traditional pension plans are incredibly rare to find can you even find them

maybe you're one of the lucky few that still has one but most American companies have shifted from a defined

benefit plan to a defined contribution plan due to cost and convenience.

This shift has left a lot of employers to fend for themselves with very few resources or knowledge on how to build out a healthy retirement portfolio.

Number two, massive 401k fees are lowering your overall balance.

Now have you ever looked at the fees inside of your

401k? spoiler alert, there's a lot of them, but that's not even the worst part about it actually

because these fees are vague, including things like plan administration fees,

investment fees, individual service fees, what are those fees?

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