Privatize ss

The average 65 year old retiring this year will have paid $300,000 into social security including the employer contributions. About $60,000 of that was set aside for survivor benefits and disability benefits leaving $240,000 for retirement pension. A white female will collect for 20 years or $312,000 while a black male will collect for 16 years or $250,000. This is an argument for privatizing social security. If these were individual funds the black man would have $50,000 to pass on to his heirs whereas now the money just stays in social security.