I like option #4 - Stop putting anyone new on SS. This means stop taking money from their paychecks, and stop promising them any future SS "benefits".
- For those under 30 currently in the system, take 1/3 of their current deductions, and pay them 1/3 of their due benefits when they retire. They should be required to put the other 2/3 of what would have been collected for SS pre-tax into a true retirement savings account at a bank. If they withdraw the money post retirement, it should be tax free. This should make up for the 2/3 that they will not get from SS post retirement.
- For those between 30 and 40, take 2/3 of their previous deductions and pay 2/3 benefits upon retirement. Require them to save the other 1/3 in a private account under the same rules until they retire.
Obviously, there will be a gap between revenue taken in vs. payouts for at least 25 years. This country made promises, and we should keep them. I'd support a temporary tax on imported manufactured goods to cover the costs, as long as it was adjusted yearly to the lowest necessary rate to cover SS payouts and completely gone when there are no more SS benefits to payout.
- For those over 40, nothing changes.
If there is still a gap, George Soros could just write a check to pay it off. He has "enough" money. We should just take it. :grin:
I like option #4 :thumbsup:
One one thing to add for those 30/40- You can choose to "cut your losses" and just give up everything you have paid in but be exempted form future witholdings. I doubt the 2/3s will even be there for me anyway so I would like to just get out while I can.