Did you even consider that your formula doesn’t even work for 90% of people? 6 figure salaries are a US thing, everywhere else you get taxes to pay for irrelevant shit like health. Part of those taxes are for retirement. Those are not optional and scale with the salary from like 10% if you’re poor to like 70% if you’re rich.
At whatever age retirement is, you get a payout that’s (not linearly) proportional to how much you paid in taxes. That’s the whole of Europe. Probably more complicated or anarchic elsewhere.
Even with a top 5% salary, you’re not going to pile up all that much.
The problem is not this scheme. Is that there are not enough young people to support the elderly.
Also a curiosity about Portugal: A lot of people are starting to lie about not having a degree when they do so that they can get shit jobs more easily. Too many degrees around. (Most people go to college, even if they fail)
Didn’t they have some of the biggest house prices to income ratios? And wasn’t private tutoring out of control in there? And weren’t they fighting with almost every single neighbor they have?