They should allow 401k plans, both employer provided and individual, the option of converting all funds to a regular savings account every 5 years. Remove the 10% early retirement penalty and offer a flat 15% tax rate and you’d see over 6 trillion in 401k balances convert providing a tax windfall for the government and a huge savings for retirees.
6 Trillion dollar? Not sure about that, you see the 401k “locked up” was never intended to be release. It’s the govenment piggy bank just waiting for rainy day.