I agree. In a "normal" interest-rate regime i.e.) not manipulated by Central Banks, a reasonably safe return would earn much more - and also, one's savings would not be destroyed by inflation. One could survive on interest earnings.
That certainly used to be the way things were.
Of course, if we still had the 4th, 5th, 9th, 10th and 13th (how the 16th can exist and over-ride these, and others....), most/many/all would have enough of their OWN $$, if they wished, to ensure their OWN retirement....or piss it away if they so wished.
A Free people should not need worry about the ‘retirement’ of anyone outside of their own choosing.
Funny, I barely recall the reflection of ‘100 yrs of the Income Tax’, before it was quickly forgotten again....