One of the most significant changes in the private-sector workplace is the phasing out of company pensions and the advent of the 401(k). The 401(k) is an employee-driven account, which enables workers to save for their retirement through regular payroll contributions.
Planning for retirement is a long-term program. A well-prepared retiree shouldn’t just turn in his key card after only a week, a month or even a year of analysis and planning for post-career needs. Retirement requires decades of making down-the-road decisions about investments.