Last week, the Department of Labor filed a rule that would allow 401(k) plans to invest in high-risk assets, including cryptocurrency, private equity, hedge-fund-style products, private credit and other alternative investments once reserved for the wealthy.

The White House has framed it as “choice” and “liberation” for workers, but the move could turn ordinary Americans’ retirement savings into a high-stakes gamble, exposing millions to volatility and potential losses they may not be prepared to handle.