In January during his State of the Union Address, President Obama unveiled his new myRA program. “Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401(k)s. That’s why … I will direct the Treasury to create a new way for working Americans to start their own retirement savings: myRA,” he explained.

Of course, most workers don’t have pensions—they’re a now somewhat outdated model of retirement savings, left behind in the bygone era of employees working at the same job for most of their lives. And Social Security, by design, isn’t supposed to be “enough on its own”—it was designed as a supplement to help people who lived a disproportionately long time. But now people live to be a whole lot older and the age to receive Social Security hasn’t changed to account for that.