There was a proposal posted here on FR before Obama’s inauguration that proposed taking 401Ks and resetting them to pre-crash levels. In exchange, the government could use that money and replace it with bonds.
I was one of the ones predicting that that would be one of their “offers.”
It’s even more likely if they make the offer after hyperinflation. They’ll give us the dollar amount back, but it will be worth only a fraction of what it was. Most Americans won’t catch on to that, however.
Rather than being so direct as to purchase bonds with the confiscation, I think they’ll first take an early tax out on it (for our own good, because retirees are shocked to find they have to pay taxes on it) and then later roll the rest over into SS, which gives them easier spending access.