I pretty much agree. Float the retirement age annually to ensure annual break even solvency.
Maybe keep stealing the “employer’s portion” for sooner retirees, and let the workers opt out entirely by investing their own contribution.
When I get the chance, I am investing my money in developing business, like mines, shipping, and maybe manufacturing. There is a lot to money to be made in investing in say, a mine that has everything in place but the funds. I recently am about to finish deal that will net me a few million; I netowrked and secured a client and the client is buying a huge piece of property that will bring in an income (mining business) and I will invest some of my commission in the property. Not stocks, not buying real estate and reselling, but investing in businesses that have all the machinery set up and a concise business plan.
That is how the real money now is going to be made and will be the new way to fund your retirement. There’s no other way out there and there is no other way to really live once you are too burned out to work. Stocks and 401K’s are still iffy and can end up wiped out. Social Security will be strained and will go bankrupt sooner so I am glad that I am lucky enough to make some connections and snag a client wealthy enough. Once I get a few business certifications on my resume I’ll be able to move in the business world with more ease. I don’t have my degree, but it’s not something I want to get until I have the money to fully pay it off without taking out a loan.
Once social security collapses, there are going to be people without the skills to get a good paying job, so there is going to be a huge scramble for jobs, any jobs, security, and the schools are going to be jammed with the desperate who until now didn’t get skills when they could. Obama being out of office won’t change it until these things are tackled in a drastic manner.