Up until recently, workers never had to think about investing for retirement because all of that was done on their behalf, whether by their employer or a third party. Now, employers are putting the responsibility on the employees. John Bogle, founder of the Vanguard Group, says this shifts the risk from sophisticated institutions to “gravely undereducated investors.” Bogle says he’s not a big believer in government regulation, but he’s confident that a gatekeeper will emerge that will limit access to the country’s retirement plan system to those doing their best for shareholders.

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