Talk to your accountant. He can tell you what you stand to lose on tax (now or in 2013) and penalties compared to the interest you're paying on your bills.
Of course, Obama could eventually eliminate the tax benefits of 401k accounts. He could even reduce your Social Security benefits by the amount you have saved (in the name of fairness). The sky's the limit now that the takers hold a majority.
Not likely. The two biggest complaints about 401k plans right now are the lack of availability for some employees, and the lack of financial guidance for those who are invested.
They already use the amount withdrawn from 401k plans as income towards determining how much of social security is taxed. They might, as you suggested, reduce the social security benefit for those with high income levels in retirement (investments, dividends, IRA/401k, etc.).
The Democrats have thrown that around already not long ago. I expect they will again, in fact the only thing preventing them right now prob. is they don’t control the House.