We could end the 401k, its compliance rules, and its high cost (they are all high cost, either the employer pays or the employees do).
Are you implying that non-401k (or at least some) investment vehicles do not have high costs? If so, what are they and how do they (and not the 401k) circumvent the costly administrative costs?
What would you consider not a high cost? My 401k/Roth 401k type accounts cost about 2.7 basis points* or 27 cents for every $1000 invested. I consider this to not be a high cost and very acceptable. I also don't know of non-401k investment vehicles that do better with regard to fees/expenses. Did you mean all non-TSP 401ks when you said 'they are all high cost' or am I misinformed about what the true administrative fees are and that my employer is secretly paying the "true" high fees of my 401k?
*-Yes, this is the TSP.
And to the others who mentioned TSP, yes, some investment vehicle which could at least mimic the function of the TSP (mostly index funds operated for millions to drive down the administrative costs) and be available to the public would be great. This could be as simple as using Vanguard/Fidelity index funds in an environment with higher IRA limits or it could be something else, but yes, something should exist.
I will say that I don't feel bad for those that fail to take advantage of tax-deferred plans to at least some degree or those who would not take advantage if they had access. At some point you have to take personal fiscal responsibility and carve your own path. Read a book, search the web, ask a friend, be proactive not reactive about learning finance topics. Much of this can be done for free (e.g. library, this website, etc.)! I feel that's they way an adult should behave with regard to any topic that could affect his or her life: do your homework and be as prepared as you can for whatever life throws you. Not to get off topic hopefully, but for those that need more hand-holding, I guess there is S.S. and the hope that they realize they need to be more frugal than most in their later years. I say this because it seems (I could be wrong) at least on this forum that most folks plan for retirement without S.S. coming into the thought process and view it as a pleasant bonus. But hey, maybe people weren't deferring their dollars because they couldn't pass up a high ROI in the present and had to capitalize!