Social Security should work like government retirement programs that the states have.

First, you can opt out and invest however you like. Secondly, if you do choose their program, its invested in a basket of markets and usually returns significant percentages (OPERS was 7-8% when I was in it). Thirdly, you opt out of any other programs if you want to (in my case, working for the govt. meant I was exempt from social security taxes). Fourthly, you can take your money out of the system less pentalties and get a big lump sum check if you ever quick your job before retirement.

Optimally, Social Security should be a default choice for all Americans - use it if you like, dump it if you don't. If you do keep it, you get a very conservative investment portfolio of bonds, real estate and very few, dividend-focused stocks. However, you can opt out at any time and take your earnings, less a penalty.

The thing about retirement is that it is best to think of it as being "independently wealthy" meaning you don't have to work, because you have sufficient income that you don't have to. Individuals who are independently wealthy don't have jobs, they own assets which produce revenue. The idea that one thinks they can save up enough money and burn through it, and live off it, isn't going to work. With people living longer, and medical breakthroughs, there is no guarantee of anything. As it is going, the concept of retirement is being phased out. People will get sold catastrophic health insurance, to keep you alive in event you are in real bad shape, but beyond that, most people are now going to have to work until they drop dead. This is particularly true with pensions no longer being around. And people who think that playing the "bet on paper asset inflation" (aka "buy low and sell high") to get good returns, will have surprises coming to them.

or vetoed

Well, considering it's the cenerpiece of Obama's new compromise debt ceiling plan....

I doubt it.

good point