- Social Security contributions made in the past must be put in the Social Security Trust Fund and used for social security payments only.
- All Social Security contributions made now and in the future must be kept in the Social Security Trust Fund and used for social security payments only.
- Benefits must be revenue specific. All persons that are currently making Social Security contributions should be given a savings bond each year for the contributions they made that year that is redeemable at their retirement age.
- The employee's portion of contributions and self employed contributions should be based on voluntary participation.
- Stop paying Social Security to illegals as is the current practice.
- I would repeal the tax on Social Security benefits, enacted in 1993.
Here is a sample of how the system works:
Average annual income : $40,000 (today's dollars)
Number of years of work : 35
Estimated monthly benefits under Social Security:
Estimated monthly benefits under Social Security:
| Retirement Age | | Individual | Single Income Couple | Double Income Couple | ||||||||
| 62 | $984 | $1,476 | $1,968 | |||||||||
| 63 | 1,066 | 1,599 | 2,132 | |||||||||
| 64 | 1,148 | 1,722 | 2,296 | |||||||||
| 65 | 1,230 | 1,845 | 2,460 |
If an individual retires under the current system at age 65 and lives to be 80 years old, they would collect a total of $221,400.00 from Social Security. If they do live to the age of 80, their benefits that they could have received can not be passed on to their children.
Under my plan, all taxes paid in to the Social Security Trust fund would be kept in the Trust, plus interest earned. All benefits for persons entering the work force would be revenue specific. Moneys paid into the Trust Fund could only be paid to the person that paid into the Trust Fund. So the same individual as illustrated above would have available immediately upon retirement an account worth at least $724,798.64. (this is with a 5% interest assumption). If they did not receive all of the money in their account prior to their decease any balance could be given to whatever person or group they would choose.