Let people keep and invest their own money. Instead of getting a $700/month check from Social Security; the same 40 year amount of contributions would probably give that same person $3,000/month.
We would have a revolution in the streets if people understood this.
“Instead of getting a $700/month check from Social Security; the same 40 year amount of contributions would probably give that same person $3,000/month.”
Not if we keep getting markets like the last decade; not that the decline in the standard of living in this country affords many folks to put back money in that quantity anyway. Face it folks, privatization is dead. I can see a serious increase in retirement age and the $100k income cap going away and if that don’t do it, the amount paid out will be frozen. Worse case, Pelosi said years ago if nothing was done, half the liability could be paid, and that could be very well what happens.
I figured much more conservative returns and still came up with about a 25% increase over current payouts on SS.