401k or pensions, you earn that on your own, it has a yield of approx. 180% if you work from a reasonable age (so if you pay into it now for 40 years, you can live very well for the other 40-60 years).
That's pretty Good! A person can actually have a couple of million by the time they retire. But I've heard that 1 in 10 actually have a 401 pension. Mostly because of ignorance about finance.
Also, it seems like this change in Social Security is only going to affect those who worked some time for the Government and another part for the private Sector. It will not apply to your average Joe who only gets Social Security and never paid a into a private pension.
Those affected are people like Fireman, Teachers, Police, etc. who didn't pay Social Security but had a private pension. They are the ones that will get the raise from my understanding. Those who only paid into social security will not get a raise.
I may be wrong but that seems to be the consensus.