It could, but it would take money out of the economy. And it wouldn't solve the fundamental problem, how do we get more money to rich people?
Ba-boom
This could work. Automatic savings while the economy is booming, reducing the money supply. Then releasings the money during a downturn or when the person retires.
This would be seen as a tax (even if it isn't) and hurt Bidens re-election chances
And what if the government never finds the "right time" to release the funds? Then it's confiscation
It's another hammer to hold over the heads of the citizenry. Look at the number of times the threat of social security being used as an excuse for Austerity Measures over the last 40 years.