Privatize accounts as Chile did.
https://www.cfr.org/article/chiles-failed-pensions-are-neoliberalisms-badge-shame
And what happens when the stock market crashes? You cannont eliminate risk.
1. Insurance companies do this regularly with annuities.2. The single largest risk to Social Security is government theft, which you can only de-risk by keeping their hand out of the cookie jar.
The IRA program works just fine. You can’t eliminate risk but you can mitigate it by requiring additional diversification and allocation requirements.