The Story on Retirement Income:It's Worse Than What You Read in the NYT

Steve Rattner had a column in the NYT warning that 401(k) accounts are proving to be an inadequate replacement for traditional defined benefit accounts. While the points he makes are exactly right (people lose too much money in fees, make bad investment choices, and don't put enough money aside), one of the figures he cites may have misled readers about the state of workers' finances.

Rattner cites a study by Alicia Munnell, the director of the Center for Retirement Research at Boston College...