How to Privatize Social Security

[Gone To Texas]

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[brntorng]

It'll never be adopted by Congress. Makes too much sense.

Seriously, it's not that such a system wouldn't work or doesn't make sense. The problem is transitioning to such a system. If all contributions go to privatized Social Security there are no funds to pay current benefits for which there are no long term assets. The solution to this dilemma has been IRAs and 401(k)s, etc which offer privatized retirement funds while SS still funds current entitlements. The only way to do it that I see is to gradually start weaning new workers off SS by privatizing some of their contributions while still funding SS. With each new generation the split that goes to SS is reduced since the previous generation will require less SS because of their private funds. It would take several generations, but it would work.

 

[HornHuskerDad]

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[hornpharmd]

I am for a split now. You take 1/2 for the current system and I get to put the other 1/2 in a privatized account.

 

[Rex Kramer]

This idea always made sense.

 

[TexasGolf]

an opt out option would be nice. give me the option to get the money back I put in and from here on out, I am on my own.

 

[Namewithheld]

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