I think Mr. Graham got the 401k end of it correct, but he did not include in the equation the debt that many have incurred during this the march to 14,000. If you factor in the interest paid on credit cards, car loans and home loans the 401k plan may not look as attractive as diverting (in the least) some of the 401k contributions for paying down your debt, or staying out of debt.
Many just pay the minimum. When money becomes short, you have the distinct possibility of losing much of your non-401k investments (car, house, furniture, wife/husband/children etc.) investment because you cannot maintain the debt.
A 401k strategy is just part of the picture.
You never really own what you have until that last payment is made. Better yet, pay cash when possible.
