Pensions suffered from poor timing, coming into existence as life expectancy rose. Paying in for 30 years and then living five more in retirement was a reasonable and financially feasible model. Working 30 years (25-55) and living 30 more (55-85) was not feasible.
Pensions went bankrupt when unions demanded more in benefits in retirement than workers every contributed, early retirement in luxury and free medical care.
The Death Panels are the unspoken fix for Soc Sec.
Slice 10 yrs off the life expectancy and the numbers magically improve.