48 percent of American households over the age of 55 still have no retirement savings. [1] [2] None. Zero. 401ks were a legislative hack for high income earners [3], and were used to con the middle class out of their additional pension comp. Those funds instead ended up in shareholder pockets, with a small amount provided as 401k matches.

[1] https://www.cnbc.com/2019/04/05/these-people-are-on-the-verg...

[2] https://www.gao.gov/assets/680/670153.pdf (GAO report)

[3] https://news.ycombinator.com/item?id=21827154