A Plea for Help From 401(k) Land

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

By Richard Schmitt

NEW YORK (TheStreet) - Dear Uncle Sam,

Big Brother took me on an adventure to a new place called 401(k) land. Believe me, this is no theme park. It's more like a bewildering maze of choices. Although you give 401(k) land the same kind of breaks as my former pension -- that old misunderstood, flea-bag of a motel that I used to call home -- I miss the comfort and safety my pension provided me. I'm not sure I'm going to like it here in 401(k) land.

At first, my journey into 401(k) land was kind of exhilarating, taking me to new heights not seen before. But lately the terrain has been more like terrifying, as we go from peak to valley and back more times than I care to remember. If I were looking for this type of thrill, I could have ridden that new rollercoaster they call "The Lost Decade" all on my own. I did not need Big Brother to take me here.

Some adventure this 401(k) land turned out to be. Coming in raw, I was not ready to be left in the wilderness to fend for myself against the elements. With each day, I face the risks of surviving now and of outliving my resources later. Sometimes I get caught up in the moment and forget about saving and managing my provisions for the future. Yet I know I must put away enough reserves for later and dutifully manage them in anticipation of that inevitable day when I tire of foraging for a living and need to rely exclusively on those accumulated reserves.

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Big Brother keeps telling me that I get more choices here in 401(k) land than what I used to have with my old-fashion pension. Of course, this is the same Big Brother who meddled with my pension to make it so expensive and complicated to maintain that I am no longer welcome to seek cover there. He insists he will always have my back, but I now question his ability to honor that pledge of support in view of his spendthrift ways.