The problem is - what do you do with the elderly poor who, culturally, morally, or intellectually didn’t have the wherewithal to save for the period when they could no longer work?
I know the simple answer is “screw ‘em, they should have”, but can we really do that?
The harder answer is to try to get them to see earlier on the consequences of spending every dime that passes through their fingers. But, if you could do that, you’d be solving the entire poverty problem as well.
What problem was Social Security supposed to solve when it was started?
It's turned into Federal Welfare and a second tax revenue stream for the general fund (all current tax income minus current expenses.)
The answer isn't starting a third taxpayer supported system.