Depends on the locality. In the UK, they refer to something similar to 401k as a pension also. The long form would be “defined benefit pension” or “defined contribution pension”.
In the former, you are promised (defined) how much you will get in your retirement, in the latter, you are promised how much will be contributed to your retirement savings (but not how much you will get).
> The nitpick about how much the manager shows how much you've been fooled.
I do not know what this is referring to.
>Elsewhere, a pension is a government guaranteed faucet of money for retirement.
> The nitpick about how much the manager shows how much you've been fooled.
This was me, letting my opinions get the better of me.
Having to optimize the fees on your 401k is the fiscally responsible thing to do, under the system as it exists, but the fact that social security isn't enough to properly live off of is horseshit.
In the former, you are promised (defined) how much you will get in your retirement, in the latter, you are promised how much will be contributed to your retirement savings (but not how much you will get).
> The nitpick about how much the manager shows how much you've been fooled.
I do not know what this is referring to.
>Elsewhere, a pension is a government guaranteed faucet of money for retirement.
The US has that too, called social security.