Implement a plan to supplement Social Security based on tontine principals, as follows.
Divide the population into tranches by year of birth. Establish a tontine investment plan for each age tranche, funded by a 1/2 percent annual levy on gross income, invested on behalf of the entire tranche using private sector managers. Beginning at age 30, net earnings from the plan would be distributed evenly to all surviving members of the age tranche, providing lifetime income. As time goes by, there will be fewer members of each tranche, which means that income for survivors will automatically rise with age. When the last member of the age tranche has passed, the corpus will be applied to reduce the national debt. Accruals from the first 30 years can be used to fund a lump sum survivor benefit.