I’m 59.
I propose that Social Security be phased out over a generation’s time. Step 1 would be to freeze current benefits to those on the receiving end now and end cost of living increases. Step 2 would be to redefine beneficiaries to only those who have paid into the system, eliminating 25% of the benefit amount over a four year period to those who don’t belong. Step 3 would be to offer a one-time cash incentive buyout to those who are within ten years of being eligible to receive benefits including a provision that they will never have social security taxes taken from their checks again as long as they live. This would lower the long-term obligations being faced by those of you in the younger generations and allow more of your money to go toward your own private retirement accounts that you would own. Step 4 would be to redefine benefit levels for those who fail to accept the buyout offer. They have a choice, the buyout or whatever results from the redefinition committee. Those who are between ten and twenty years away from receiving benefits will have their social security taxes lowered a little to help them cope with the redefined benefit levels they will receive. Anyone more than twenty years away from being eligible to receive benefits will not be able to collect anything from social security. Their social security taxes will be decreased as current recipients die off over time until one day it’s simply over and done with.
This approach has everyone giving a little and getting something positive in return. It’s the only way to get full buy-in.
I don’t see where we could get the cash for a buyout without taxing it, borrowing it or printing it.
Not a big fan of that. So from the time I was 16 to whenever I basically got screwed out of thousands upon thousands of dollars.They can take it out of their Federal taxes i.e. eliminate my Federal deduction.
(I know you're just trying to provide solutions which is more than most of us do on here.)