Just to throw out one reason - it's valuable to working people because they don't have to take care of their parents in old age. Can't speak to Europe, but Social Security in the US is definitely not enough for a "nice retirement". It may help a frugal person in a low cost of living area cover their basic expenses.
> Social Security in the US is definitely not enough for a "nice retirement".
A two-retiree couple who contributed at the tax limit for long enough would get $122,592 in Social Security benefits in 2025. Not beachfront living in the Hamptons, perhaps, but not cat food eating money either.
