With barely one generation of retirees under its belt, I think it's premature to say this, but here's a report (and accompanying video) from Fortune allt he same with a screaming headline: 'Has the 401(k) failed?'

Granted, the economic collapse of last fall showed the biggest flaw of the 401(k) is that it has fast become workers' last best chance at securing their retirement, yet is vulnerable to the swings of the stock market. No, the 401(k) doesn't work the way any of us would like, but I don't think it's a failure. Plus, as the mag points out, it could be much worse: We could have privatized Social Security in the stock market as well.

Click here to read Fortune's analysis and watch the video. Then let me know what you think: Is the 401(k) a failure? How can/should it be revamped to better help participants retire securely?

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