Retirement sure has changed, hasn’t it? A century ago, it meant slowing down a bit as you got old and frail, but still working until you dropped. In the 1950s and 60s, it meant collecting a gold watch and living off a company-sponsored pension along with health benefits and Social Security. But, supporting retired workers is expensive, and companies grew to resent those obligations. So, in 1980, a Philadelphia benefits consultant named Ted Benna realized that Section 401(k) of the Revenue Act of 1978 could let his employees “defer” part of their paycheck into a deferred compensation plan. Just two years later, 7.5 million American workers were using the new plan to save. Today, there are over 710,000 plans covering more than 70 million Americans, holding over $7 trillion in assets.