Financial security in retirement is one of our nation's cornerstone principles when it comes to the way of life we have come to envision after a lifetime of hard work, dedication and sacrifice. Originally, the underpinning of that retirement security for those in the private sector was to come from Social Security enhanced by private pensions and personal savings. Unfortunately, for many of us, the demise of most employer-funded primary pension plans and inadequate personal savings has shifted the role of Social Security from being a safety net of supplemental income to being the primary, and sometimes only, source of retirement cash flow.

Retirement plans can't continue to do business as usual. The current approach is failing to provide the type of retirement security that people need from their primary private income source. Going forward there has to be a realization that 401(k) and 403(b) plans have to move away from being viewed as simply retirement savings plans. Instead, they have to be built and managed to deliver meaningful and measurable progress toward successful outcomes. Successful outcomes have to be defined as the generation of sufficient income to fund comfortable and dignified retirements.

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