Social Security
We Must Insure that Social Security is there for the Silent Generation, help the Baby Boomers prepare for life with reduced Social Security Benefits, and wean those who will follow (my generation included) from it completely. The overhaul of Social Security is long over due, those of us in our 30’s and 40’s have known for a while now that the system would not provide for us as it had for others, and most of us have prepared for that inevitability. The time has come to phase it out. We have an obligation to the Silent Generation to maintain Social Security for them for the rest of their lives, the work force contributions to the fund will continue to maintain their benefits to the last citizen, and they will continue to have their benefits adjusted for cost of living as they have in the past. How their benefits are managed will not change.
The Baby Boomers present Social Security with a terrible problem. With nearly 80 million Baby Boomers entering the system by 2025 the system will not be able to meet the demand. However many of them are unprepared for retirement without the benefits they have been promised. In my plan they would be split into two groups. The Baby boomers born before January 1, 1950 will also maintain full coverage for their life time including all Cost of Living increases. Those born on or after January 1, 1950 would continue to get benefits at their discretion frozen at the full benefit level as of 2014 except in the instance of early entry in the system due to disability. They would not receive any cost of living increases during their lifetime. If they choose to forgo enrolment for benefits because of their own financial planning they would receive a tax credit equal to their benefits annually.
The system would be maintained to meet the demands of these generations, and the Social Security tax would be adjusted annually to meet the demand. No benefits would be paid to anyone born after December 31st 1960. Any Surplus would be placed in trust for social security benefits to be paid to enrollees into the system regardless of age due to disability.