Ever since I got an engineering job, I have put as much as I could into a 401(k). This is going to be the only retirement money I have. It's mine. I invested it. And I chose where to invest it. And if the market tanks, it is on me and me alone. Government won't owe me a dime, because I refuse to be dependent on them, whether it is Social Security or some government pension. It has nothing to do with you.
The fallacy here is that it remains within a 401k.
At some point, the government will actually be in such a poor position that it will be seeking funds to prop itself up (or should I say prop up the wasteful welfare spending which keeps them in power) and eye those many trillions within IRAs AND 401ks that do not belong to it but to people like you.
Biden's WH has already made motions that there must be some effort made to obtain those funds as, in their eyes, it is really not yours but theirs as no taxes have been paid and the government has a 'claim' on them.
So look forward to the time when you will have some or all confiscated and IOUs issued to you for increased SS funds or something to the like.
Me, I recognize that to distance oneself from this takeover is to reduce the amount within my IRAs to the extent I can; hence, beginning when I retired 8 years ago I have been steadily withdrawing from them and taking the hit and paying taxes, all for the effort to minimize the amount I will have confiscated.
Due to the tax cuts by Trump, we only have a couple of years until tax rates go up, and my focus has been to maximize the amount taken out to reduce my own exposure.