I think better than personal accounts, participation should be 100% voluntary.
edit...
and when I say "100% voluntary", I mean 100% voluntary....I think the fed gov ought to send out a little card to every american with a social security number and ask:
Quote:
Do you want to participate in the Social Security System?
Yes __________
No __________
|
Those who check "Yes" can continue to send 7.5% of their income plus matching funds from their employer to the Fed Gov in exchange for government issued IOU's.
Those who check "No" will receive a check from federal government for the amount of money contributed into the SS system (plus interest), perhaps with the requirement that the funds be rolled over into a qualified retirement fund or otherwise taxed as income.