JMO of course but I have yet to find a more comprehensive plan.
A mobile account in your name that can not be touched until you are at retirement age.
15% of all income must be deposited in the account. (employers still must pay 7.5% into this account)
The account is in your name and will be periodacially reviewed by the SS admin to make sure you are on track to meet your needs in retirement. If you are behind all tax refunds will be deposited into this account until you catch up. you can place addtional funds in the account at any time.
you must invest in only 100% governmental security investments. No fees will be charged on these accounts. All earnings will grow tax free/ all withdrawls will be tax free. withdrawals will be on a monthly basis and depends on the account vaule at retirement.
If people are behind and show they can not get caugth up to be able to support themselves in old age(the crack fallers) the government will place the amount needed into the account to ensure the account will be brought current. At death the amount the government placed into the account plus interest will be forfeited back to the government.
All accounts can be transfered evenly to the children upon death and they can only add the addtional funds to their retirement accounts
If you die without direct heirs your account is forfeited to the government to fund those accounts that have fallen behind.
this plan would solve retirement within about 2 generations due to compounding interest, it would have the american citizen fund the national debt instead of forgien powers, it would build wealth, it would save the governemt trillions of dollars because funding retirement account early due to compounding interest is alot cheaper then funding the retirement itself. It would also reduce the need to vote for your political leaders to ensure your retirement. It would require the government to balance it's budget better since it would not have a shadow kitty it can dip into at will.
Ok then find the holes in this?
BTW if you invest 5,000 at birth for a child he will retire with a million dollars. what happens to 15% of your pay after 100 years? 200 years?