The first generation to be fully reliant on 401(k) plans is now starting to retire. As that happens, it is becoming clear just how broken the system is. Michael Steinberger, a contributing writer for The New York Times Magazine, explains.

Have you heard the song “Brett Martin, You a Nice Man, Yes”? Probably not. On Spotify, “Brett Martin, You a Nice Man, Yes” has not yet accumulated enough streams to even register a tally. Even Brett Martin, a contributing writer for The New York Times Magazine and the titular Nice Man, didn’t...