We need a dramatic re-thinking of Social Security. Current retirees would still get benefits, but for the future we need a system of mandatory personal savings accounts, which make individuals responsible for their own financial security in retirement. Mandatory personal savings accounts would either wholly or partly replace the current system, putting responsibility for retirement security where it should be, on each of us individually.

True, some people will make out better than others under this plan, because some people are better investors than others. .But if they do their homework and invest prudently, they ought to be able to retire in an acceptable fashion, allowing for the removal of this government program, which is going to be harder and harder to pay for as more and more baby boomers retire.