Is the 401(k) plan on its way out?

Let's hope not, though that may well be the unintended consequence of President Obama's proposal to cap retirement accounts.

Before I get into the details, a quick reminder of the most compelling figures: Half of all Americans have $25,000 or less in savings, according to Fidelity Investments, and 35 percent of all working Americans still don't have an employee-based retirement plan, such as a pension or a 401(k) plan.

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