As I've said, to continue we need reduced benefits, increased taxes and/or needs based benefits. Proposals along these lines modify but keep SS and its purpose.
Your "suggestion" does not modify SS. It rejects it (after continuing it for people over 40 or some such cutoff). You replace SS with an individual retirement plan. Now, rather than a system that directs money from workers to non-workers you have people saving money for their own retirement and passing it to their heirs if they don't need it. Rather than a new system to achieve an old goal you've scrapped a system with one goal and instituted another system with an entirely different goal. If you said that's what you want to do, I'd just say I disagree completely. But, instead, you keep putting it forth as a new approach to the same issue.
If we do nothing to add a private investment portion to SS, all these changes will occur.
Your "suggestion" does not modify SS. It rejects it (after continuing it for people over 40 or some such cutoff). You replace SS with an individual retirement plan. Now, rather than a system that directs money from workers to non-workers you have people saving money for their own retirement and passing it to their heirs if they don't need it. Rather than a new system to achieve an old goal you've scrapped a system with one goal and instituted another system with an entirely different goal. If you said that's what you want to do, I'd just say I disagree completely. But, instead, you keep putting it forth as a new approach to the same issue.
Yes, I reject Social Security, it is a shitty deal for people my age and younger and will only get worse. Excuse for being interested in getting a good return on the 15.3% of my salary that gets sucked into this system evey paycheck.
I think the issue is how do we help people retire with some security. You seem to think that government does a good job, I disagree.
Now, rather than a system that directs money from workers to non-workers you have people saving money for their own retirement and passing it to their heirs if they don't need it.
You make it sound like this is a bad idea. What's wrong with making people more secure in retirement and less dependent on government?
Why should workers support non-workers anyway? Sounds like welfare or socialism. Why don't I quit my job and you can support me?