You could devise a means tested welfare for elderly people. There are a lot of perfectly wealthy, perfectly capable people who retire at 60 whatever for no apparent reason other than ss and tax advantaged accounts make it seem like its time. I am a big fan of retirement, and I think safety nets for the disadvantaged are a good idea. I don't think we need a retirement safety net, however, or to make a retirement an entitlement.
The trouble with means testing is that you drain support for the program from the parts of the population with the most political clout. In other words, how long does SS last when rich people get nothing for what they put into it?
I've always viewed Social Security more like catastrophic insurance than a future income stream. What do you get out of insurance? Hopefully, nothing because if you find yourself needing to exercise it, something has not gone according to plan.
I agree with means testing, but think it would have to be something that slowly phased in over a long period, and proportionally to smooth discontinuities so that people could shift their behavior to match expectations.
