The New Social Security

What about something like this: upon retirement at age 68, we require most large companies to supply a pension worth 80% net income at the time of retirement. After seven years, the government will take over one-third of that burden, and after 14 years, two-thirds. After the age of 89, the government takes over full responsibility for the support of the retiree until death parts them.

There would of course be income caps on the pension, as well as procedural tests of supplemental income to weed out the independently wealthy, and the actual ages and percentages could be tweaked to optimality. But this plan encompasses all the advantages and moral arguments of a private pension plan, while reducing the burden on the private sector of a life-expectancy rate that keeps climbing.

Thoughts?