Here's what I suggest:
- Everyone over 50 may opt out of Social Security completely, including those who are retired already.
- If you opt out you no longer have to pay any Federal taxes ever again. But you must sacrifice all deposits.
- Those under 50 will be reimbursed all deposits and they have 90 days to roll it over into a private retirement account without penalty. After that they must pay the 10% penalty and they will have the reimbursement added to their income for the year, for tax purposes.
- Those who are already retired and do not opt out will never get an increase in their benefits again, ever.
- Those who are not retired and do not opt out will get what their current estimated benefit is whenever they do retire and then never get an increase.
- As far as those citizens drawing disability from Social Security you will be given the option to go back to work or retire if you are over 50, because that benefit will be terminated.
- All survivor benefits must be terminated.
- The remaining recipients will be paid from the general fund and tax increases and or spending cuts must be made to accommodate the difference. Eventually this will end, but we must all pay the price until then.
I spoke briefly about a solution for Medicare and Medicaid in a previous post. These three entitlement (WTF why are these entitled?) programs must end. Bold action is required now to avert a disaster, because chaos looms in the very near future.