Saving Social Security Act of 2005

The Saving Social Security Act of 2005 proposed a significant shift in how the Social Security system operates by allowing workers born on or after January 1, 1963, to divert a portion of their payroll taxes into personal investment accounts known as "SAFE Accounts." These accounts would function similarly to the Thrift Savings Plan used by federal employees, allowing individuals to invest in various funds while being managed by a newly created Social Security Investment Board.

For citizens, the bill would have provided the option to build personal retirement wealth through market investments alongside traditional benefits, with a guarantee that total monthly payments would not fall below what is promised under the current system. Upon retirement, a portion of the account balance would be used to fund a federal annuity, while any remaining "excess" funds could be withdrawn by the worker as they saw fit. While the bill aimed to address long-term solvency by incorporating investment-based returns, it did not move past the initial stage of being referred to the Senate Committee on Finance.