Social Security was initiated to provide a floor wherein one could exist in ones unproductive non - work years with a modicum of dignity, food, and shelter. Anything above that level was to be provided thru ones own initiative and good fortune. Most labor was of the physical or manual variety. The average length of life was probably somewhere in the fiftys. Since that time Congress has expanded its original mandate on several occasions.
The risk of entering private markets to fund social security is prohibitive. Also allowing an individual to use private accounts to fund their own social security is filled with risk and is questionable in its fairness. Especially in the transition or partial transition from a Government system to a private system. What happens should either of these two options fail to provide what is considered a proper social security benefit? Who would pick up the pieces? Could our society have the assets or the will to fund a short fall?
When Baby Boomers retire there is a concern that we will not have enough employees to cover their social security needs. We are moving from a working force using physical means to earn a living to one using their mental capacity. Lives and life styles are expanding. Drudgery is limited to a much smaller segment of our population than when social security was established. It would behoove us to move up to age 70 for social security retirement benefits to begin except in cases of special need. Social Security is a right of our society and should not be taxed away. Nor should the rates on employers or employees ever be raised again. Benefits should not be raised at the inflation rate, but at a fraction thereof. It provides a much higher benefit today than originally. We also need to inspire people to save beyond social security and to continue to develop and adjust to a changing world wherein they can continue to contribute and earn until age 70.
