You know, my husband and I have talked about this issue (as we have a relative that can't seem to hold onto money, even when he gets a windfall from an unexpected source, he automatically spends it).
If SS is privatized, and "a fool and his money are soon parted", I've wondered if these types of folks in their older years will then be on the welfare and medicaid rolls because they will have dipped into the funds that they were supposed to be saving for retirement.
I wonder if there is any safeguard that can be built into the privatization...I imagine not, otherwise it wouldn't be privatization.
You can't just "dip into" qualified accounts.
I am sure there will be a safeguard on private SS accounts that prohibits the withdrawl of funds prior to a certain age with very rare hardship exceptions, if any exceptions at all.