Anyone with a 401k should be extra vigilant today. There is no end to the attempts of the money grubbing politicians to steal private money. That goes for all types of savings, not just 401k's.
“I remember the situation but was so poor back then that I didn’t have any savings.”
I too was a very poor college student. I also remember how news reports and banks were making it look like everyone just had 10 grand laying around doing nothing. What’s 10,000 dollars from 1979 worth today?