In order for this to work companies would have to change their attitude towards older workers and drop mandatory retirement requirements and age discrimination. They are shedding older workers now at age 50 and some even younger and replacing them with lower paid employees.

You can't assume everyone has or will have a company pension plan or has saved enough to live on until age 78 if they don't have a job.

Social Security is fixable as it is. Medicare and medicaid and drug coverage is a much bigger problem and has future liabilities many times greater than SS.