In the belief that it would help to let you know where I am coming from, here are the steps that I think should be taken in reforming Social Security:
1. Means test current OASI (retirement) benefits.
2. Pay all current, means-tested, OASI (retirement) benefits from progressive general federal taxes.
3. Require nearly all of current OASI payroll taxes (employer and employee shares) to be paid into individual personal investment accounts.
4. Establish a means-tested benefit, payable to supplement any personal investment account that fails to be sufficient to pay a certain minimal level retirement annuity.
5. Establish a mechanism to give recognition for past contributions into the existing system, especially for those who have paid into it for many years.
