Providing retirees with cash, which they then use to independently procure good and services across millions of individuals, is fundamentally inefficient.

Instead, we should treat each retiree as a ward of the state, and provide them with Government housing, cell phone and plan, food (cooked or ingredients), and a limited amount of electricity/water - plus a small stipend for private purchases.

The other fault of the current system is that we link retirement to age - instead, it should be linked to health: if you can continue working, you should be expected to do so.

With the savings, we can eliminate regressive taxes like sales taxes (or just enable the currently totally unsustainable system to keep functioning.)