It was a socialist plan for everyone to contribute to a fund that would provide a pension for those unfortunates that outlived their resources.
Crooked politicians, longevity due to medical advances, and declining birthrates have wrecked the system.
Exactly so - Old Age Survivors and Disability Insurance- was the name IIRC.
They didn’t expect most people to even live to age 65, but if they did, and were no longer able to work, at least they would have some sort of money to help them.
I don't know where you got that idea. It was always supposed to be a minimal retirement plan so that old people wouldn't be completely destitute. Then people could save or get a pension from work to supplement it so they could live comfortably. Taxing it or cutting it back for high income just punishes people for doing what they were supposed to do.