Given The Chance To Start Over, What Would You Do Different With Social Security

[Zander]

Give workers the option to opt out, permanently.

Great idea, and then let them die on the streets when their poor choice lead them to homelessness in their retirement years. Sure a lot of people could and would save for retirement, but millions would not. We would have a senior welfare crisis on our hands. How is it that supposedly intelligent people cannot see the most simple things?

How did you arrive at this conclusion ?

And you leave the commentary out.

The left generally believe the "great unwashed masses" are simply too stupid to take care of themselves. They need the benevolence of liberal progressive nanny state government. It's for their own good!

They actually believe that before Social Security millions of old people were "dying on the streets"......

 

[Slyhunter]

One person chooses to drop out of high school...and eventually get an $8 per hour job at a restaurant. Another chooses to work their way thru college, get into a high tech training program and get a $50k per year job to start. Which should we feel sorry for? Which do we need to set up a wasteful beuracracy to take care of?

Chooses?
One person chose to join the Army at 17. Gets honorably discharged 4 years later under threat of court martial because of undiagnosed bi-polar disorder. Goes to college to be a System Design expert but gets kicked out of college because his English teacher thinks he's a heartless asshole and flunks him 3 times simply because he's not a liberal. Works as a field service technician for several years only to have a nervous breakdown and ends up homeless, again because of his still undiagnosed bi-polar disorder. Then he gets family to give him a job and he works 100 hours a week until he finally lands a job delivering bank proof for Bank of America which he works 21 years. Losses that job when they find they can do it cheaper via the internet and now he has no college degree, no viable job experience that anybody cares about and is finally diagnosed with bi-polar disorder via the VA and should be disabled but they think since he's so good with doing the paperwork filing for disability he should get a job instead. Now still after all that only able to qualify for a minimum wage job and doesn't get them either because he's too old and experienced for the jobs.

Oh did I forget to mention he pays 1/3rd of the bills for a 5 person family unit plus transportation to keep his Uber job which barely pays the gas with a little left over afterwards?

You make it sound simple and it isn't simple. Many people fall through the cracks who will starve and become criminals simply because they can't get a job that will pay a living wage.

 

[Jarlaxle]

Index to life expectancy.

There you go. Make the age to start collecting 1 year older than the average life expectancy, and that would work.

 

[candycorn]

I would not make any changes to Social Security without first contriving some other "built in" supports for the aged as they are aging.

Your savings will not likely keep up with inflation. Regardless of investment vehicle you pick. Some mutual funds do pay upwards of 10-15 % but they are no guarantee and neither are any other investments you can make. Most cannot afford to set up annuities so they are not really a solution.

So that means your fallback is the built-in items. Social Security is built-in. You pay for it during your work life and when you retire, it's there. Some say it won't be there for us when we retire; I think it will. But who knows.

What I would do to change it (if anything) is increase the retirement age. People are healthier longer and this makes sense biologically. I would also do what some other nations do and subsidize elderly folks with some free passes and discounts on travel creating (possibly) an atmosphere for lesser payout needed. More disposable income for those who wish to spend it can only help the economy and Seniors spend their money on grand children.

What I would also do, if possible was to try to shift society into what William F. Buckley suggested about 25 years ago. Let the Youth spend some time in a government program taking care of the elderly and, thereby earning a stipend that will be invested for them and paid back when they themselves are elderly:
William Buckley Proposes Youth Service Program - tribunedigital-mcall

Outside of some other "built ins" that will help pay for the future, leave it alone.