“The simplest method is to begin with an opt-out provision for Social Security. People who understand the benefits of deferring consumption in order to invest for retirement should have the option to act on that knowledge using their own resources. Laws should be reformed allowing parents to invest on behalf of their children, and the tax code should be reformed in such a way that retirement savings can be taken out of pretax income with no taxes on the proceeds and no taxes on inheritors of such accounts. If we want people to make responsible decisions, we should begin by ceasing to punish them for making responsible decisions. On the individual level as on the macroeconomic level, much useful social innovation happens through imitation: When people see the benefits of lifelong investing, they will want to realize the same advantages for themselves and their families. Critics will point out that this opt-out would contribute to the deteriorating financial condition of the traditional Social Security system. My own inclination is to regard that as a benefit rather than a cost: The sooner we start moving capital away from politics and into productive enterprises, the better.”

Excerpt From: Kevin D. Williamson. “The End Is Near and It’s Going to Be Awesome.” HarperCollins, 2013-05-01. iBooks.

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