I don't think they will wipe out everything but there could be a haircut. That haircut would be a "one time" across the board haircut. Savings, checking, retirement. Anything in the bank would be fair game as far as they are concerned.

Since most people have most of their money in retirement accounts those accounts would be prime picking for them. After all they could say that only the rich have accounts that are tax deferred. They would claim that the "haircut" is just simply the tax that is owed by the rich on the tax deferred accounts.