Allow individuals to invest their Social Security tax in an IRA. Employers should also contribute their half of the tax to the IRA. These contributions should be added to the current annual limit of $5,500.
Private investment may involve some risk, but many Americans see Social Security as a larger risk. Private investment can provide better returns for individuals than Social Security can. Young workers wonder whether or not the system will even have money left for when they retire.
If you do believe in Social Security, please detail your plan for fixing the system. How will you ensure that young workers will receive their payouts and where would that money come from? Some economists believe that it will be necessary to collect 70% of an individual's pay to support government programs.