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What I fear is when Social Security runs out of money in about 2030, the Govt will realize there is a ton of money sitting on the sidelines, untaxed, sitting in 401Ks. They were say something like the Stock Market to risky for Americans and only Govt, with its ability to print money is the only safe place for investing, so hand your 401K over and they will put it in a special “account” and presto it is gone, but the it was virtual money that you never had anyway.

What I fear is when Social Security runs out of money in about 2030, the Govt will realize there is a ton of money sitting on the sidelines, untaxed, sitting in 401Ks.

Come on Jimmy, the elite will not cut off their noses to spite their face. The people with the power to change things are invested heavily in the stock market. If the government tried to dip into 401(k) and IRA funds, the powerful will know in advance. That would cause a massive sell-off of stocks, killing the goose that lays golden eggs for the powerful/wealthy. Ergo, it ain't happening. Thanks for playing, we have some nice parting gifts, but 401(k) and IRAs are safe.

I've been preaching that exact scenario for years now. You are exactly correct. You left out one detail. They'll claim that anyone with a retirement account is a 1%'er who took advantage of the tax code, and they're just taking it back on behalf of the people who really earned it - their constituents.

And when they do that, go ahead and predict what will happen next.

Yep, I have friends who are retired from government jobs and have very good government pensions, government supplemental healthcare in addition to Medicare, and who also get government Social Security checks. Thus, they have no concept of the workings of the private sector. And they vote Democrat.

I, On the other hand, worked hard in the private sector my entire life. I do have a pension, but not much of one. It is small. And I have had to build my own retirement by scrimping and saving and investing in several different IRA vehicles. I will work several years beyond retirement age before taking Social Security., But I’m sure the income taxes will rise under Biden. So much for working longer.

If Biden wins, what am I to do? My friends, above, will be fine. But I may be forced to sell all my stock just in order to avoid Biden’s taxes. I know he wants to double, possibly even triple, capital gains taxes. Moreover, what will my stocks be worth? A Biden presidency would send the stock market into freefall. So much for my retirement plans. At least, I will be able to count on having millions of people like me in the same boat.

Your fears are real. Mumblings I am hearing are means testing SS, make over an X amount of dollars, your payments are reduced. Already being done at the VA, I applied for VA benefits and the form asked for my yearly income, number of kids, wife’s work info,who is my healthcare provider, their number, address, etc....when returning the form I asked the VA rep what is all of that about, he said my “ benefits” will be assigned a number, 1-9, niumber 1 being full benefits, number nine fewer benefits in conjunction with my existing work provided health care benefits. The rush to a cashless digital currency like China just announced will insure ALL your earnings, savings , and assets will be used to assign you your “ benefits” reduction plan. Do note: we are not there yet, China stated they could not launch the digital currency till 5G was wired nation wide, it is now. I do not support 5G in the US for that reason, once up and running here in the US, everything will be running on the 5G platform...the last hurdle to a cashless, 100 percent controlled and monitored society. Isn’t technology great?