Thinking Outside the Box: Can Opting Out of Social Security be a Long-Term Solution? - The Daily Economy
As we’ve pointed out repeatedly on this site, the clock is ticking louder and louder as it counts down toward complete depletion of Social Security’s reserves–the reserves that, since 2021, have allowed the program to pay full promised benefits. With virtually no progress toward designing a solution, and with actions like the recent Social Security Fairness Act approval working to aggravate the problem, the eight-year window to save the program grows more and more critical by the day.
Various think tanks and representative organizations are developing solutions to the looming insolvency issue, generally working within Social Security’s structure as it exists. But what about the potential for some fundamental changes that would introduce profound, far-reaching shifts in the approach to how Social Security works for some workers. In a post on The Daily Economy, Sound Money Project’s Tyler Watts lays out just such a proposal: “Just let those of us who want to and are in a strong position to take responsibility for ourselves out of an insolvent, unsustainable system.” In other words, make opting out a path that some could choose. As you can guess, it’s not that simple, but Watts’ article and policy paper provide substantial research support for the concept. Read his full post here, and check out the policy paper he provides and the interview video he uses to explain his proposal.