Replace Social Security taxes with government required sheltered investments selected by the recipient..
October, 26, 2014
Suggestion to the RNC Chairman:
Over the last 50 years investment growth in stocks, ETFs, bonds, real estate, etc. have done minimally 3 times better than salary income increase for middle class citizens. Therefore, why not replace mandatory individual and emplayer contributions to Social Security with recipient selected investments in stocks, ETFs, bonds, real estate, etc.?
Over the last 50 years the average increase in sheltered indexed S&P fund investments have increased by more than 7%/year. Such a replacement of the current Social Secuity system will provide to each working citizen an annual income of minimally 3 times more retirement income than provided by Social Security when the citizen reaches 65 years of age.
Also require ALL citizens and their employers to pay Social Security Taxes for all employee such that their annual contribution will be 6.2% x 2 = 12.4% of their social security taxable income, currently limited to about $14K/year in Social Security taxes. Such Excel spreadsheet calculations can be used to demonstrate accurately the significant improvement over Social Security benefits.
I believe that this fact can be used effectively to get a large majority of USA citizens to support such a change very enthusiastically.