"The shift from pension plans, which typically guarantee income for life, to tax-deferred 401(k)s has put more responsibility on savers to ensure they don't run out of money in retirement. As the accounts have grown -- Americans held $3.5 trillion in 401(k)s as of September -- they've become a target in deficit-reduction talks because contributions usually are invested and compound on a pretax basis. The benefits reward higher earners who would save anyway while not providing enough incentive for low and middle-income earners[.]"

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