Saving social security

6.2% of wages up to $134,000 are deducted for social security. 2.2% is used for survivor and disability benefits. The remaining 4% is for retirement and both are matched by the employer. A plan to save social security could start next year with all people age 50 or older excluded so there will be no changes when they retire. For others the full retirement age will be raised from 67 to 70. A person can still take a reduced benefit at 62. All people age 21 to age 50 will begin to privatize their benefit by having individual accounts where their 4% and their employers 4% will be deposited. There will be three investment options. Stocks, bonds and a government fixed interest account. The cap on wages of $134,000 will be eliminated and anyone with retirement income of over $200,000 will forfeit their benefit. This will take the onus off the government for future payments and allow those who die early to pass on their benefits. Right now the system favors white females over black males because of life expectancy and that discriminatory feature will be removed. All federal employees have had such a plan since 1984 and it has worked well for them.