I just got a letter from Social Security which got me to thinking about the plan I would propose. The way it is, after ten years you qualify to get a check sometime after 65 of about a thousand a month.
My plan is take the current money (15.3%) and buy an annuities that immediately makes a monthy check that the government can never change. Example assuming 5% return on money...
First ten years making $24k avg. gives you an immediate monthly check of... $159.89
Second ten years avg. 30k... two checks per month $159.89 and $199.86
Third decade at $40k... add another $266.48 check.
Fourth decade at $50k... another $333.09
So $1000 after age 65+ or...
18 to 28 you wait...
29 to 38 you get $159.89 each month;
39 to 48 you get $359.75 each month;
49 to 58 you get $626.23 each month;
59 to 68 you get $959.32 each month until dead.
At 69 you could get a fifth check (of several hundred dollars depending on your earnings.)
I like my plan a whole lot better and the money is actually in a lockbox trust. Just not the govt. lockbox.