The money mantra of an aging population over the past decade has been "401(k)," shorthand for "saving for retirement." Millions of workers have poured millions upon millions of dollars into tax-deferred retirement savings plans. And despite the bear stock market of the past few years, investing for the long haul in a well-diversified portfolio of stocks and bonds is both prudent and smart.

The real worry is the inadequacy of the nation’s pension system. Half the population is without access to a private pension. I’ve argued many times for Washington to allow workers without a pension to piggyback on the existing Social Security system. Workers could make additional, voluntary contributions into their Social Security account, and the money would be invested in stock and bond index funds.

But any consensus on changing Social Security is elusive at best. In the meantime, Congress could act within a relatively short period of time to clean up the capricious private retirement system. There are 401(k)s, 403(b)s, 457s, SIMPLEs, SEP-IRAs, IRAs, and Roth-IRAs to name only a handful of the better-known plans. The rules and regulations differ significantly among many of these tax-advantaged programs. For instance, a 40-year-old worker at a company with a 401(k) can set aside a maximum of 11,000 in pre-tax dollars this year. An employee at a small company with a SIMPLE plan has a $7,000 limit.

The stay-at-home spouse running the family household—and that’s still mostly women—are especially disadvantaged. Mom isn’t paid a wage for all her work, and isn’t entitled to a 401(k). Mom at most can save $3,000 pretax in a spousal IRA. What a deal Mom gets for raising kids and sustaining families.

This is a ridiculous state of affairs. Washington could ease the retirement worries of many people by simply attaching the pension to the person-including, so-called, misnamed "non-working" spouse—rather than to an employers' tax status. There should be just one plan and one set of rules for everyone—say, $15,000 or 30 percent of income. The social goal behind retirement plans is to encourage people to save for their elder years. Simplification is a bold step in achieving that laudable aspiration.