Early advocates of the 401(k) now have qualms about what they unleashed in the U.S. as workers in even the highest income brackets aren’t saving enough for retirement.

Former Johnson & Johnson human-resources executive Herbert Whitehouse was one of the first in the U.S. to advocate for 401(k) accounts back in 1981, according to The Wall Street Journal. What Whitehouse didn’t foresee was that major employers would replace pensions with the tax-deferred savings tool as a way to slash expenses.

Unlike pensions, which often provide set payouts, 401(k) accounts go up and down with the financial markets. Many complain that 401(k) plans expose workers to major shifts in the stock market and high fees. Currently, only 13 percent of all private-sector workers have a traditional pension, compared with 38 percent in 1979.

In addition, many workers at all income levels fail to save enough in their 401(k) accounts. 

Read more from the Milwaukee Business Journal.