Australia simply forces people to save a portion of their income into investable retirement accounts. Because the money goes towards productive investment rather than funding what is essentially a government-run Ponzi scheme, retirees on Superannuation live much better than Americans that rely on Social Security. There is a small Age Pension for those who don’t have enough Superannuation income for whatever reason.

In principle the US could phase such a system in by redirecting future Social Security payroll taxes to 401(k)s while maintaining existing commitments. But because Social Security is so deeply underfunded, workers would need to keep up solidarity payments for decades without any expectation of reciprocity once they retire.

Still, everyone would be better off in the long run.