Social Security

This is a hot button topic no one seems to be able to handle. I think we might have been better off if socialist security had never existed. The fact of the matter is that it does exist, though it won't last much longer as things sit. I have a plan to save it, and make it work without bankrupting country. As an added benefit, my reforms would stimulate small business job growth and consumer spending.
First, and let me make this perfectly clear, any one currently vested with 40 "credits" would be allowed to remain in the current system with no changes to benefits. My reforms would target primarily those that have not yet earned those 40 credits (generally 10 years of employment). Those that already have their 40 credits but would like to enroll in the new program would be allowed but not required to do so.
Payroll taxes would change. The rate would be reduced from 6.2% to 5% from both the employee and employer. This would put more money in the pockets of the American worker and lower the tax burden on small business owners. The 5% collected from the employer would be used to fund a significantly reduced benefit program similar to the current benefit program. The minimum age to receive these benefits would be fixed at 65. The 5% collected from the employee would be placed into a separate regulated account, similar in style to current 403b annuity plans. These plans would allow the employee to choose between various investment options. No withdrawls from this account would be permitted until age 60. (With very limited possible exceptions for certain medical expenses.)
To make up for the shortfall in funds caused by these tax cuts, social security disability coverage would be eliminated. So would the tax cap, meaning all earnings would be subject to the payroll tax. All workers earning income and employers paying wages would be required to participate in Social Security. Congress' retirement plan would be replaced by Social Security, as would certain other government pension plans that currently exempt workers and employers from paying into Social Security.