That is the argument the liberals make. They claim that common people are too stupid to save and invest for themselves, so the gov’t should take their money and take care of it for them.
If I had $100 and was taxed at a combined Fed and State income tax rate of 43%, if I did nothing and paid taxes I would have $57. If instead I put $100 in a tax deferred account and made bad investments and lost 20%, I would still have $80. If you don’t have to pay such a high tax rate in the future and inflation isn’t high enough to wipe out the dollar value, you could still come out ahead.
It all depends on individual circumstances. Individuals making decisions for themselves.
For many of the liberals I know, that's actually true.