There is no way to get to anything resembling a secure retirement system without expanding Social Security. We also need to fix the broken employer-based retirement system, but fixing pensions and expanding Social Security are not substitutes. A comprehensive retirement security bill needs both. Let’s start with Social Security.
Social Security is a social insurance program. Workers and employers pay premiums to insure against disability and death. What’s more, the system is progressive. Social Security recognizes that low-income workers need a higher replacement rate—that is, a higher share of retirement income relative to non-retirement income—than high-income people. This is because wealthier recipients use Social Security as a base for their retirement, which they supplement with assets and pensions. Social Security is not enough by itself to maintain living standards and stay above poverty.Forbes