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A Perplexing Tale About 401(k)s

Noted economist Teresa Ghilarducci doesn't seem to like 401(k)s.

Henry David Thoreau, the author whose book Walden provided the inspiration for Morningstar’s name, wrote that, “We are always paid for our suspicion by finding what we suspect.” By that, Thoreau meant that we tend to find what we set out to find. When it comes to 401(k)s, Teresa Ghilarducci, the influential economist at the New School for Social Research, suspects that they cause lots of bad stuff--and, unsurprisingly and with great regularity, she finds it.

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