I wrote about this topic three years ago, but that discussion was in passing. Today, the full treatment.
In 1998, I owned three assets: 1) my 401(k) plan, to which I contributed the permitted maximum, 2) a fresh award of Morningstar stock options, with a strike price of $2.67, and 3) human capital. It was a good retirement plan. At worst, I would build a seven-figure 401(k) account, while working for another 25 years in a well-paid industry. At best, I would win the lottery.