Australia did abolish its state pension in favour of ‘Superannuation’ but that was largely possible because the Australian Stock market just keeps on rising, while the funds have been criticised for lack of accountabiity and poor performance
https://en.wikipedia.org/wiki/Superannuation_in_Australia
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. The blossom is blighted, the leaf is withered, the god of day goes down upon the dreary scene, and—and in short you are for ever floored.
Wilkins Micawber, Ch12 David Copperfield
