It isn't working that way. Do you have any idea how persuasive some of those salesmen are getting retirees to switch their bank retirement savings to annuities? To giving up that paid for asset, the house, on a reverse mortgage? On paying a real lot of money every month for mortgage plus fees for that retirement community? On paying the monthly premiums on Medicare parts B and D and then copays on medicines and procedures for everything? On having a day or more at the slot machines every month?
Those that aren't doing these things, except for the ones with decent pensions, are eating into those savings every month. The pitchforks haven't come out yet; they won't come out. And you know what? When those acquired assets don't enrich the next generation, there's no way the population will ever pull itself out of debt. It's getting much more difficult for people to accrue assets for their retirement and the next generation's enrichment. Those of us who are already retirement age will be exempt from anything that happens, since our assets can be taken in other ways.
The elite don't like it when they're more than a small percentage of the population. We get in their way. JMHO
You don’t have armies of folks out there protesting annuities and reverse mortgages and they aren’t being dictated to us by the Feds.
There will be war.