With increasing longevity, retirement is not a single period but a multi-stage journey. Financial plans must distinguish between the early, active "golden years" focused on travel and hobbies, and later years dominated by higher, often unpredictable medical expenses. This requires a more dynamic approach to saving and investing.

Widespread adoption of alternatives in "off-the-shelf" target-date funds faces immense inertia. The initial traction will come from large corporations with sophisticated internal investment teams creating custom target-date funds and from individual managed account platforms, which are far more nimble.

The primary decision-makers for mass-market 401(k) plans are often HR or finance teams, not investors. To shield their companies from employee lawsuits, they have historically prioritized funds with the lowest fees, creating a massive structural barrier for higher-fee alternative investments to gain traction.

Young investors should consider allocating 100% of their 401k to stocks. The 'aggressive' label is misleading because even these funds are highly diversified. This strategy maximizes long-term growth by leveraging the market's historical tendency to recover from downturns over a long time horizon.

If a former employer has gone out of business, your old 401(k) isn't necessarily lost. You can use free resources like the National Registry of Unclaimed Retirement Benefits and the Department of Labor's database to track down these abandoned accounts.

The US retirement system is built on a chassis of daily liquidity and pricing. While some hope the system might adapt to the monthly or quarterly nature of alternatives, the more likely outcome is that private market managers will be forced to develop reliable daily NAV calculations to gain access.

While DC plans receive huge inflows, a large portion of assets leaks out annually into rollover IRAs as employees change jobs. This dynamic means the net growth of the captive 401(k) asset pool is less explosive than top-line numbers suggest, tempering the "flood of capital" narrative for private markets.

When converting a pre-tax 401(k) to a Roth IRA, you owe income tax on the entire amount. To preserve your principal, pay this tax bill from a separate savings account. Using the retirement funds to pay the tax permanently reduces the base for future compounding.

Contrary to common advice, withdrawing from an IRA and paying taxes to clear high-interest debt offers a guaranteed, risk-free return. This "return" from debt elimination can be financially superior to the potential, yet risky and unguaranteed, returns from keeping the money invested in the stock market.