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?