What you're saying makes sense for individuals, but not the generation as a whole. Total retiree spending is entirely financed by a combination of current tax r

What you're saying makes sense for individuals, but not the generation as a whole. Total retiree spending is entirely financed by a combination of current tax receipts and selling assets. Pay-as-you-go and financially funded schemes are substantially equivalent here - current retiree consumption is 100% funded by current workers, the only difference being whether it's called something like "Social Security taxes" or "student loan payments". What additional saving does is improve the standard of living of current retirees, through increasing asset prices. What old people need is to invest in the productivity of current and future generations, so that society is rich enough to support them how they'd like without squeezing the life out of current workers.