Following are ways Social Security ought to be strengthened for ALL American workers:
- Educate ALL Americans about ALL the different ways Social Security benefits the General Welfare. Provide explicit information regarding how much Social Security is allocated to widows, orphans, disabled folks, elderly, and any other recipients.
- Allow ALL Americans to have a dedicated Old Age Social Security pension, with a portion of FICA money they and their employers have contributed. This Old Age pension money is to be untouchable, by anyone, until distributions are made in old age. This old age pension account is invested and managed like a mutual fund, and it should grow at a pace exceeding inflation. Government cannot touch this money to solve financial shortfalls or for any other reason.
- A portion of employee/employer FICA contributions would be allocated to the general welfare, and this would be explicitly itemized for all workers.
- Incentivize legitimate work where employee/employer contribute to FICA by allowing the Old Age pension fund to increase,with no cap,based on more hours working.
- Allow Americans to designate beneficiary(ies) who can inherit any unused portion of Old Age Social Security pension to add to beneficiary’s Old Age Social Security pension. This will benefit families of people who do not survive to old age. This will motivate all people to work not for themselves alone, but also for their beneficiaries.
- Bring ALL public workers, including RR workers and govt employees, and ANY OTHER U.S. workers who are currently exempt from FICA, into Social Security under the new rules above. These govt/RR/other FICA-exempt workers can keep their state pension AND earn an Old Age Pension under Social Security. No reduction in Old Age Social Security pension based on state pension. State pension funds could choose or not choose to reform their pensions, which could help some underwater state pension funds. The major reason FICA-exempt workers need to be required to contribute toward Social Security is because these workers have an obligation to contribute toward the general welfare through their FICA contributions. Up until now, FICA-exempt workers have made ZERO contribution toward general welfare for widows, orphans, disabled, and this is not fair or right. This reform will motivate and reward govt workers who take jobs in the private sector.
- By doing the above: Social Security will receive more funding. Workers will be motivated to work in legitimate jobs (instead of cash jobs) that contribute toward their Old Age Pension. Workers will maximize their hours working to increase their Old Age pension. All people from young adult to old will be motivated to work to build their pensions.
- Conclusion: Currently, Social Security does not pay the elderly enough to be self-reliant and financially independent. The above would provide more money for general welfare, and allow people to plan better for their financial needs in old age, and work hard during their active years to provide for a decent old age pension.