There is a difference between a world where social security is taken away, and one where it never existed. Not having SS means people would have the money that

There is a difference between a world where social security is taken away, and one where it never existed. Not having SS means people would have the money that was instead paid into SS. Ignoring that, many people planned based on having SS. If they could retire fully without SS, this would mean that they overcontributed (I say this as someone planning for a retirement with 0 SS). I am not sure why you discount real estate. You might not think it is a good investment, but it is still the idividual managing their retirement. Besides, in this context "real estate" mostly means owning your own home. The main benifit here is not the paper value of the house, but the imputed rent. If this value goes down, by definition, cost of living went down a corresponding amount. (There is admitadly the risk that you want to move, and the local market tanked).