My Plan for Dealing with Social(ist) Security

For all people newly entering the work force and for all workers below the age of 25, discontinue employee contributions. Allow employers for this group to drop their FICA contribution to 5% immediately and move the remainder (somewhere around 3%) to an additional 401K (or similar) match. Decrease the employer FICA contribution for this group to zero over five years. After ten years, the employer may optionally drop the additional 401K match.

For workers 25 to 65 years of age, allow opt-out from employee contributions immediately. For those who do not opt out, employee contribution ends after five years. Employer contributions proceed as above, except the rate of decrease is half that described above (i.e. ten-year ramp-down). Obviously, the ramp-down for employers would be accelerated in the case of workers over 55. Employer may optionally drop the additional 401K match after twenty years.

Benefits stop for any person under 50. The proceeds of the trust fund are divided according to the current formula, but adjusted for a twenty-year phase out. That is, benefits are paid as they are now for twenty years. At the end of twenty years, payments stop. Any balance remaining in the trust fund is distributed equitably as a one-time rebate to taxpayers.

A Constitutional Amendment is adopted explicitly forbidding government redistributionism.