Step one would be to make members of congress and the senate participate in the system rather than having their own, far better retirement plan. I think they would take steps rapidly if it was their ox that was being gored.(no pun intended)

The plan implemented in Chili, with some modification would allow the present pay-as-you-go system to be gradually phased out. A mandatory annual contribution of 10% of earnings into an account which cannot be touched until retirement, but which belongs to the worker and his heirs, to be invested in Treasury bonds to do away with the risk of foolish investment decisions or scams.

When you get your Social Security statement, figure out what you would have, and OWN, if your contributions had been invested at 4% or 5%.

well, any way you cut it, wether we stop social security or not the seniors now will be screwed. The best way to get rid of it is to phase it out, perhaps over 100 years. Allowing people to simply opt-out will have disastrous consequences for seniors, and those who are almost seniors and think SS will actually pay for retirement.

You make Social Security and Independent Body that holds teh money in saving so that it can accumulate interest so the worth can rise with the rate of inflation. One of the main problems with social security is that it is not secure.

-Demosthenes

__________________
"A people that values its privileges above its principles soon loses both."
- Dwight D. Eisenhower