My oldest brother is the worst manager of personal finances ever. He was called into his HR office when he became eligible for the his company 401k. The HR was somewhat of an retirement adviser and asked him numeruos questions concerning his present financial status.
The HR informed him that he would likely work till he died despite any 401 investments he could build.
My brothers response was: Why should I invest in your 401k if I will have to work anyway.
I agree with many that, a large number of americans are not 401k literate and are even intimidated by having to make 401k decisions. Many like my brother probable think that a 401k is an unnecessary addition to SS, even with the employer contribution.
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