Well I just don’t get it. People say ‘nobody gets a pension anymore’ but a 401(k) is just a different type of pension. My defines benefit savings plans literally say ‘pension’ in the product names.

The state pensions have no risk. They get a guaranteed payout regardless of stock market performance. The difference comes out of taxpayer pockets. With a 401k if the stock market crashes you are out of lock. The taxpayers won’t chip in the difference