When SS started...it was a simple check to cover groceries and the essentials...it was NOT a pension check. Look over all the literature that the Roosevelt adminstration put out...they never claimed that...and today's SS program doesn't advertise itself as a pension program. Its not such a vehicle. If people really wanted a government pension program...then the total that you and your employer need to put into the system is 20 percent (10 and 10). Thats the only way to make it a true retirement program. And yes, it must take into account that people are living longer.
The only issue I have with private investment deals...alot of folks could come up and risk an awful lot (80 percent of their reserve) on a fund that is possibly doomed to turn south. And lets face facts...if you had a $300k retirement account one day...and suddenly lost $100k over 30 days (Lets use 1/3 of your investment in Enron for example)...your ability to sustain yourself on the account left rapidly decreases. I know lots of people with no investment knowledge and would not be smart at 55 to move all their invested money over to bonds...and their risk ratio may be tied to the fact that they invested in a fund that constantly delivered less than expected goals.
AND, when SS started the average "retiree" lived only another couple of years after retirement......
As a woman, I have conciously NOT worked for Moola for the past 10plus years (married to a guy who works hard).....I "work" at home....making life easier for him....so he can WORK and earn. I resented working at a job I hated and then ALSO paying 15% to the gov't for something badly invested....realisticly, at my age, I probably WILL see something (53).....
AND, now, furthermore, instead of funding the grandson's "education" we will be funding his "retirement" fund.....with long term investments.....that he cannot touch until a LOOONG time from now.