I have not touched any of my principal. A million dollars getting a 5% return provides you with a 50K a year income. I have no debt and am not a spendthrift and I my wife and I can live on less than 50K a year so a million dollars in may case would last forever and would in fact grow over the course of my retirement.
If people were allowed to put what the government takes for Ss into a Roth IRA then they would be far far better off.
That's it! That's the solution. So we all continue to pay into social security. Whoever receives the money we send in should invest in a roth ira for us. Like you said, we'd all be better off. So I love your solution. Yes put the money we send in, into a roth IRA.