In 1978, two very important events occurred.
First, my Granddad retired from the phone company after 43 years of service. Second, congress enacted into law what would later be known as the 401(k) plan. Granddad retired and received from his employer what they promised him; a guaranteed monthly pension check for the rest of his life (what he referred to as Mailbox Money.)
Instead of receiving a guaranteed pension check like Granddad, the American worker got stuck with the uncertainty of a 401(k) plan backed by who? Wall Street.
So, which option sounds more appealing to you? A guaranteed income in retirement that you can never outlive? Or living by blind faith, hoping upon hope that the investments you have will last as long as you do?