We’ve heard about how social security will be running out of money in so many years, Yet, any reasonable person would agree that this is nothing more than a giant Ponzi scheme. At some point the whole thing is going to crash.
Yet, if we can stop the hysteria & scare tactics and focus on solving the problem we’d all be better off.
I’ll start by stating the fact that, between employee & employer, more than 15% of a worker’s income is deposited into the Social Security Trust Fund. I believe that’s a lot of money.
What I haven’t heard, is a proposal to divvy up this percentage into “pots”. I’ll suggest a couple today: #1 Retirement Distributions, #2 Long-Term Disability, #3 Medicare, #4 Medicaid, #5 Social Security “Savings” accounts, primarily for younger workers to accumulate funds for their own retirement.
I’m not sure the percentages for each category, and there’s a possibility the % may be more, but I think this strategy will conserve funds for seniors while providing an opportunity for workers to set aside mandated contributions for their own long-term security.
I’m interested in your feedback.