Tell me your opinion of this approach. 1. Everyone currently receiving social security continues to receive it but cost of living increases stop. 2. Those who receive benefits but were never meant to be part of the plan are cut off over a four year period at 25% reduction per year. 3. The benefits of social security for NEW recipients are slightly reduced. 4. Those who are within 20 years of receiving social security are offered a cash buyout attractive enough so that about half agree to not receiving benefits. 5. Those who are over twenty years away from receiving benefits continue paying social security taxes which gradually diminish as recipients die off. This group will not receive social security benefits but can start their own retirement plans that they will own. In about thirty years time, government run social security will have been removed from everyone’s life.
not a bad idea. It’s better than what ai have now
Use tariff revenue to shore up SS.
It’s a start. I’d like this to move over time to a private “mandatory” savings program controlled by the recipient however with no withdrawals allowed until retirement age. We need this because 2/3rds of Americans depend on SS as their only savings and we cannot afford more welfare. Just as with current SS, if you predecease retirement age the funds go into a “lock box”, a real one, that is used to transition the system until it is fully transitioned over a few generations.
At that time your estate would be the recipient of those funds.