Competitive Social Security

Competitive Social Security
Every Person Selects Their Retirement System

• Part of a citizen’s responsibility is to take reasonable steps not to become a burden on society in their elderly years. There are many ways to get there.
• Medicare will follow this same reform.
• After proper legislation, about a dozen Social Security-type systems will emerge.
• Each system needs to have more than 5% of citizens.
• Every citizen must select which retirement system they wish to be in.
• Each retirement system only governs its members.
• Every retirement system must ensure its members are not impoverished in their elderly years, thus setting minimum standards.
• Minimum standards are not micromanaging but are results-oriented. There are many pathways to achieve results.
• The current pay-as-you-go system did not save money; thus, it is in massive debt.
• Current promises will be fulfilled with government debt, with the assets given to competitive retirement systems in proportion to their membership.
• Every competitive retirement system will own a percentage of Social Security repayment tax.
• A retirement system may elect to take less government funding for promises in exchange for its members paying a lower Social Security repayment tax.

https://haley2024.org/social-security-and-medicare.html

https://haley2024.org/home.html #/

The US budget just can not balance with Social Security and Medicare. We need to take it away from the bureaucracy and politicians and allow every American to pick from about a dozen totally separate retirement systems in which they agree. Totally separate from government.

This post was created in 2018. While it does not follow this current plan directly, it is still a good transition out of the current pay-as-you-go Social Security system.

This post was made 9 years ago to argue against means-tested Social Security.