Joe Arwood on Social Security

Means testing for recipients; opt-out for younger workers

For Americans that are not currently collecting benefits, but have contributed their money, they will have the option to voluntarily opt-out of the Social Security program. Upon opting-out, each person will be provided a yearly tax credit designed to offset total contributions made.

For workers who have not contributed to Social Security, they will not begin making contributions. This approach will provide America with the ability to "wind down" the Social Security program and eventually make a complete exit. We must set the expectations that future generations are ultimately responsible for providing for their own retirement.