This is my plan for private social security accounts.
An Alternative Social Security Private Account Plan
Title: America's Thrift Account
Summary
1: The Government opens a single retirement thrift account in a low risk fund.
2: They fund it with 4% of the Social Security Revenue collected periodically.
3: When a person retires they are entitled to their total social security contributions plus any gains their contributions earned while in America's Thrift Account.
4: At the time of retirement an individual or private account is opened in their name and their total social security contributions plus any gains are transferred into this account.
5: If the person does not reach retirement their total social security contributions plus any gains their contributions earned while in America's Thrift Account get passed on to an heir. This amount still remains in the America's Thrift Account until the heir retires.
6: If the person reaches retirement and has established an individual or private account but passes on before it is exhausted it gets passed on to an heir.
7: Once an individual or private account is passed on, the recipient owns this account. It now becomes their individual or private account and instead of 4% of their social security withholdings going into America's Thrift Account it now goes into this individual or private account.
Notes:
Since Federal employees already have Thrift accounts opening one for America will be simple.
By waiting until a person actually retires reduces the number of private accounts that need to be opened thus saving on the overall administration costs.
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