21st Century Retirement Security Act

This bill proposes a significant overhaul of the Social Security system by allowing workers to divert a portion of their payroll taxes into private, individual security accounts. These accounts would function similarly to a 401(k) or the Thrift Savings Plan for federal employees, giving citizens more control over how their retirement funds are invested.

To offset the costs of these private accounts and ensure the long-term stability of the program, the bill would gradually raise the full retirement age to 67 and adjust how future benefits are calculated. Additionally, it would establish a new minimum benefit to provide a financial safety net for low-income retirees.