For the last 2 posts, I have explained that social security is in real trouble and should be euthanized. Now I will explain how to do it in the most fair and compassionate way possible.
Our current generation of retirees (and soon-to-be retirees) needs to be protected in this whole process. Therefore my plan doesn’t require them to make any sacrifices. They had a contract with the US government and we need to keep that contract. So the first step of the process is that anyone 58 and over receives all of the benefits that they are currently supposed to receive.
The second step of the process is that since everyone that is 57 today has ten years to prepare for the change, they will receive 10% less than what they were supposed to receive as of today. They need to start saving to prepare for that day and stop looking to the government for a complete handout that is not going to happen. Besides, 10% is not that big of a sacrifice.