With the every growing scare that Social Security will not be able to pay its participants, an amendment should be made to allow young (under 30 for example) citizens to opt out of the system.
There are several reasons for this including, but not limited to:
1-The growing student debt. Allowing young citizens to take home more pay will allow them to pay off their loans faster.
2-The sense of liberty. Being allowed to take care of yourself should be a goal among all citizens. With controlling of your own funds, you can decide how you want to save for retirement.
3-Even if the individual does not want to opt out, they can still rely on the system to care for their retirement. There is no forced-hand.
The system does not need to be cancelled, but just updated.