The Democrats will just wait until the 401k pool is nicely sized, big enough to cover the Social Security deficit, and seize that. They’ll be enabled by the Republicans, and it will all be done in the name of the “poor”, because if it weren’t for their efforts you wouldn’t have been able to accumulate that huge pile of illicit money, yada, yada, yada.
You are close. Remember that your 401-K has a mandatory withdrawal date; when you hit 72 years of age. If you do not take out of it the required taxable amount every year, there is a penalty of 50% of that imputed amount.