Eliminate Social Security Fairly

We are deep into the weeds with a terrible system, we need to unwind it as fairly as possible. Those collecting continue for life just as now, those over a certain age, say 55, can stay in if they choose just as it is. But for everyone else, all collection from pay stops right away. Policy that will greatly stimulate the economy, as Trump has proposed with tax cuts and tariffs, etc, may need to be allowed to play out for a couple years to get the coffers fuller. Then, over the course of a few years, people receive back all that they have paid in in one chunk. Maybe with interest, maybe not. People can use that money to invest, pay off a home, buy a car, reduce debt, whatever they need. This will yugely stimulate the economy on all fronts.

The only point I’m not sure about how to handle is the 50% portion that employers have paid in. Should that go to the people as well? It was meant to be for them eventually anyway, so perhaps so. I’m sure businesses would just be so relieved that they no longer have to collect and match it that they won’t care about this part.

Thoughts?

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I think that the money they take from our checks should be invested accordingly and not used to sit in a fund that isn’t producing returns. I don’t mind the idea of a social safety net for the elderly, but the abuse, fraud and lack of investment for the growth of that money is causing it to fail.

That money isn’t sitting in a fund that isn’t producing returns, that money was spent as it was put in.

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You have to use a ramped system, not a hard stop. Also, making it optional helps.
Try at age 50 if you opt out you pay 50% less in SS, but if you opt out at 25 you pay 25% less in SS until you turn 26, then you pay 26% less, so if you opt out the sooner the better.

I agree but it could have been invested wisely.