I have done accounting & bookkeeping for over 66 years.
When 401’s first came out, I had clients who were very eager to gt involved.
I advised against & I NEVER participated.
I told each & every one:
“WHAT THE GOVERNMENT CAN GIVE—THE GOVERNMENT CAN TAKE AWAY.”
I WAS RIGHT
That may well occur at some point, but my 401K allowed me to retire years before I’d have otherwise been able.
When I was working, I never made enough to get into a good 401K. It took all I could make just to get by, then I started drawing on S.S. & could save a little. Now, with just S.S. as my only income & living semi-destitute I can hang on to a little of it (on some months)but not enough to really keep up needed expenses. At least I don’t have a 401K that the government can rob at will.