“Your total money is decreasing” is not the same thing as “all your money is gone” - it’s leading in that direction, but if it takes 20 or 30 years to get there that’s usually enough for people to retire on.
And if the 20-30 years isn't enough, do we re-employ 80-year olds that have been retired for 20-30 years?
I'm nowhere near the mentioned 0.5% and still don't think this is a good idea.
In fact I think society should do the opposite, "escape velocity" should be made attainable by more people, not fewer.
If people can retire by 50 (instead of 70 or whatever it will be after another decade of this economy) more young people will get employed at better salaries, and 50 year olds can still come up with cool things do do with their lives.