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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.Guest: Michael Steinberger, a contributing writer for The New York Times Magazine who writes periodically about the economy and the markets.Background reading: How an obscure, 45-year-old tax change transformed retirement.What to do when your 401(k) leaves something to be desired.For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.