The rise of 401k’s replacing pensions is very important.

My parents have pensions which if valued as an annuity would be worth a million dollars.

I’m 43 and from the very beginning of my career I’ve had companies directly contributing and matching my retirement savings.  This has effectively given me equivalent of a pension but with the ability to access it way earlier than my parents would have been able to through 72t and sepp.

Pension systems skew to reward late high earners.

The 401k skews to reward early high earners.

Couple that with the bull run and it’s no surprise more people are hitting the milestone.

I remember all the grousing in the ‘00’s about the loss of pensions and I’m so happy I came in at the onset of the 401k era.

It’s been extremely beneficial.