Our Social Security system is broken. We must provide our citizens with more choices and more retirement options. It is unfair to mandate participation in a federal system that is headed for bankruptcy. It is unfair to require participation in a system that may not be able to pay the promised benefits. There is no “security” in social security if you do not get the money.
We also need to honor our commitment to those near retirement age who for years have been paying into — and relying upon — the current system. And we need to provide all current social security recipients with the peace of mind that there will be NO change in their current benefits.
I believe we need to overhaul the system and I propose the following voluntary options:
- If an individual stays with public/federal social security, the retirement age should be gradually increased for new enrollees to age 70. The average life expectancy is far higher now than when Social Security was enacted and raising the age is a way to maintain the integrity of the fund.
- Allow individuals the voluntary choice to participate in a private retirement plan, such as a 401k, a Keogh pension plan or a Roth IRA.
- Allow individuals to convert the money they have paid into the federal system to a private plan.
Allowing individuals to select from many different kinds of tax deferred pension plans will provide maximum choice and competition — and it will allow people to individually plan their retirement in the way that makes the most sense for them and their families.