I dont see Social security going away. Politicans will just print more money before they piss off voters. Nevertheless younger people should not absolutely count on it.
Confiscatation of 401K’s? no. They will reduce the lifetime cap. So increasingly you can save less tax free. It will mainly hurt the wealthy. But even if they lower the cap to zero you can still save for retirement the old fashioned way with after tax investments allocated across mix of stocks and bonds. a 40 year investment plan where you invest 10-30% of your salary should work out well even without tax deferral. The problem is most people dont have the discipline
The bigger problem is confiscatory taxation. Gambling is for mathematically challenged fools. Almost no chance to win legitimately. I do it occasionally as entertanment but thats it.
The bigger problem is inflation. It eats away savings whether before or after taxes, whether 401K or IRA or CDs or you name it.
Yeah I know about gold. If everyone tried to put all their savings in gold
guess what happens to the price of gold???
US National Debt, April 2013, $16.8 Trillion
Almost looks like a plan.