It isn’t that simple (and politically fatal); instead it is just more likely that the money will be de-valued. YOur IRA will pay out $3K per month, which will buy two weeks’ worth of groceries/gas. The recent drop in gas prices is a real anomaly in the long-term trend of rising prices for just about everything else. Social Security will also depend on this for solvency; everyone will get paid, but the inflation adjustments will be constantly understated.
There are immediate consequences to this in NJ; retirees are forced out of their homes by high taxes (mostly school taxes, though even their grandchildren are out of the schools), and there are no young Americans willing to assume responsibility for the high tax bill who would buy the home. Instead we have a de facto amnesty, and the housing stock is filling with illegals instead. They can’t buy the homes, but someone else will that will turn a one-family home into three units and rent them all out; the homes aren’t housing young American families anymore.
So in NJ retirees don’t get any break on property taxes?