While that sounds like a great idea, that doesn’t eliminate risks. We’ve had the Social Security system for a really long time. It’s almost considered the third rail of politics to even speak of making any changes to it. Imagine if people weren’t required to contribute to it. It should be noted there are people who are not in the Social Security system…. The Amish/Mennonites do not pay into it nor can they collect. Some railroad employees, and some state and local government such as teachers in certain school districts. Of course, those all have their own retirement plans.
My grandfather lived to be 105 years old. The only job that he ever had over his entire lifetime (besides farming) was working for the railroad. He had a 700 series Social Security number and was ineligible for any benefits. It wasn’t really an issue because he had a sweet railroad pension plus sold the farm for a tidy amount.