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This paper entertains two distinct hypotheses about the meaning and effect of the Lucas critique.

Economic shocks, such as job-loss, have particularly adverse effects on retirement savings of workers in low-income households, exacerbating retirement savings inequality.

Inadequate wealth accumulations reflect well-known design flaws in the 401(k) system.

Financial necessity is an important reason low-wage households are more likely to make pre-retirement withdrawals from their 401(k) plans.

This paper further explores the plausibility of the Keynesian stability condition by enriching the Kaleckian growth model with a more fully developed Keynesian theory of expectations formation.

The plan proposes a simple, effective solution to address the fundamental flaws in today’s broken retirement system.