401k’s became a widespread phenomenon in the early 80's.
Prior to these tax-advantaged retirement vehicles people were primarily relying on company pensions for their retirement (which were great).
However, 401k plans became much more popular with employers because they were cheaper and much more predictable to manage than pensions.
But pensions offer one thing that 401k’s do not….
…. and it’s one of the most sought-after benefits in retirement….
It’s a guaranteed, lifetime income source that you can never outlive.