So you don't actually know. You're just "sure" there's evidence to support both sides of such a broad brush. Large numbers of us did and do just fine with our 401(k)'s, those of us smart enough to make adjustments with the markets as needed. If you didn't, tough shit. Private folks can easily get pensions and benefit plans, it's up to YOU to discuss that with you're employer. If you haven't, too bad. That's a YOU problem not a market problem. States budgets are more affected by poor budgeting than over paid public sector folk.