That's not a plan, it's wishful thinking. This is especially true if one considers the graying of the American population.
In addition, Biden's other plans to increase taxes on the rich are equally short-sighted. In all these years, the Democrats still haven't figured out that higher-income people can often structure their income to avoid taxation.
If Biden had picked up on the financial transaction tax that Bernie Sanders proposed some years back, I might be impressed.
I have read Biden's "plans" and I am not sure whether most of them are promises or threats.