For many Americans the 401K helped consumers into savers by putting savings first. 

In today's Better Wealth Episode, I had the honor to sit down with the Father of the 401k, Ted Benna. Listen as Ted dives into the history of the 401K, the pros and cons, and how shares his mission to help people who want to save more and do so in a more effective way. Ted shares a rich history of “retirement” plans, under pensions and ERISA, and why the 401k became a more efficient alternative. The history of these financial plans and Ted dives deep into the philosophy, the structure and the development of working with the IRS, the President of the United States in developing this new 401K plan. Listen as Ted talks about the benefits of the 401K over time and how it has converted spenders into savers, by making savings a priority first. Ted also discusses the investment structure and why the fees have become one of the biggest cons of the 401K. Stick with me as I ask Ted about marriage advice. 

For more information on BetterWealth or the content you hear on the Podcast visit us at www.betterwealth.com/podcast.

Guest Bio: 

Ted Benna is commonly referred to as the “father of 401(k)” because he created and gained IRS approval of the first 401(k) savings plan. He has received many citations for his accomplishments including 2001 National Jefferson Award recipient for Greatest Public Service by a Private Citizen, 2001 Player of the Year selected by Defined Contribution News, one of eight individuals selected by Money Magazine for its special 20th Anniversary Issue Hall of Fame, selected by Business Insurance as one the four People of the Century, one of ten selected by Mutual Fund Market News for its special 10th Anniversary Issue Legends in Our Own Time, Lifetime Achievement Award by Defined Contribution News 2005 and Icons and Innovators Award - Investment News 2017.  Ted has authored five books including 401(k) for Dummies and his latest – 401k-Forty Years Later.

Guest Links: 

“401K 40 Years Later” by Ted Benna *Amazon

Benna401K.com

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