That requirement is about to go out the window when the retiring baby boomers outnumber wage earners by a substantial margin.
Tiny nitpick--the baby boomer retirees won't specifically outnumber workers. The coming crisis is because the baby-boomers will reduce the worker-to-retiree ratio to 3-to-1 (whereas when the system was started the ratio was 16-to-1.) Still a crisis in financial terms, though, and I agree with everything else you've said.
