Choice Under 401(k)s Is Somewhat Illusory

“Beware the 401(k) Gamble” [Jan. 24] says, “Working people have turned the stock market into their retirement system, and themselves, rather than their corporate employers, into retirement money managers.”

I wish that, as an employee, I had this much choice; rather, it is the employer who determines the retirement compensation program.

My only choice is whether to participate. Recently, my employer announced a new plan that allegedly will provide me with more money on retirement and offer me more control over that money.

However, the plan’s success depends on that of the stock market. I realize that I have the chance for more money, but I also am aware that I have the chance for far less. What if neither my company nor Social Security comes through for me?

While I believe that the public should be informed of the dangers of both 401(k)-type plans and pensions, equal time should be given to other options.

Individuals should do as much as possible to secure a worry-free retirement, and that means depending on oneself as well as one’s employer or government.

Katharine Graydon

South Hackensack, N.J.