Companies used to employe huge teams of MBA’s to build and maintain pensions. They couldn’t do it.
Now everyone is expected to do it themselves, and it is not working either.
Sad thing is that retirement has never been viable historically, and probably won’t be.
Social security is welfare.
We don’t need another bureaucracy to distribute it.
Get rid of the SSA.
Devolve welfare back to the states.
Means test recipients.
That will at least cover the neediest geezers.
At least with a private investment your account can be passed down to your heirs. SS stops when you pass. Plus you would also be able to collect your spouses account when they pass.