They will never do that take retirement accounts or stop social security. But they will gladly devalue the money so that your entire 401K will only buy a loaf of bread.
The 'idea' was first floated by the Clinton Administration back in the 90's to shore up Social Security, because it wasn't 'fair' that some people had 401k's and IRA's and others did not...................
When I entered the workforce back in the mid 1980s and started my first 401k, a million dollars was the gold standard. I was told that if I could ever get my 401k to that level, I would be able to retire in luxury and never have to worry again about money.
Well I did get to that level some 30 years later but I was soberly told by my financial planner that I would need a lot more than that to be truly comfortable.
A million dollars in your 401k is not as much as one might think. Using the 4% rule of thumb for retirement, that million would only generate $40,000 a year in income - taxable income by the way. Without a Social Security check or at least a part time job to supplement, a 401K "millionaire" will basically have a retirement of clipping coupons, dining out at Applebees, and going to matinees when you want to go see a movie.
And for someone trying today to retire on $40,000, the way inflation is going, you would find yourself under the poverty level in 10 years or so.
Should also be noted that very few workers have been able to accumulate a million dollars in their 401k (or other IRA type savings).
It's a little depressing for one just reaching the age of retirement. But even more depressing for the younger ones, who now are being told they need to have $3-5 million saved up by the time they retire.
Most of us are going to have to resign ourselves to the fact that the goal of "retirement and gold watch at 65" is but a pipe dream.