If my SS. contributions grew at the same rate as my 401k over the past 30 years, I would have a net worth almost 3 times higher. Putting the earners under age 30 contributions in a private account might be the solution, as seeing my retirement accounts are dominated by the earnings off very small amount of money invested before 30. 30 years the 60 year old will not even miss the benefits. They do not make enough today to change the status of the program for the next 10 years.
Galveston County: A Model for Social Security Reform - 2005
https://www.ncpathinktank.org/pdfs/ba514.pdf
FTA: We’ve averaged an annual rate of return of
about 6.5 percent over 24 year
Workers making $17,000 a year are expected to receive about 50 percent more per month on our alternative plan than on Social Security - $1,036 instead of $683. [See the Figure.]
Workers making $26,000 a year will make almost double Social Security’s return - $1,500 instead of $853.
Workers making $51,000 a year will get $3,103 instead of $1,368.
Workers making $75,000 or more will nearly triple Social Security - $4,540 instead of $1,645.
Galveston County’s survivorship benefits pay four times a worker’s annual salary - a minimum of $75,000 to a maximum $215,000 - versus Social Security, which forces widows to wait until age 60 to qualify for benefits, or provides 75 percent of a worker’s salary for school-age children.
In Galveston, if the worker dies before retirement, the survivors receive not only the full survivorship but get generous accidental death benefits, too. Galveston County’s disability benefit also pays more: 60 percent of an individual’s salary, better than Social Security’s.
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How Three Texas Counties Created Personal Social Security Accounts and Prospered - 2011
https://www.forbes.com/sites/merrillmatthews/2011/05/12/how-three-texas-counties-created-personal-social-security-accounts-and-prospered/?sh=5ac504623283
A lower-middle income worker making about $26,000 at retirement would get about $1,007 a month under Social Security, but $1,826 under the Alternate Plan, according to First Financial’s calculations.
A middle-income worker making $51,200 would get about $1,540 monthly from Social Security, but $3,600 from the banking model.
And a high-income worker who maxed out on his Social Security contribution every year would receive about $2,500 a month from Social Security vs. $5,000 to $6,000 a month from the Alternate Plan.