Social Security Solution- The Ultimate IRA   Clearly the best fund, be it charitable, a museum or gallery, a performing arts center or a retirement fund is one with an adequate endowment.  This plan to finance the Social Security Retirement aspect of the Social Security system is a variation of the endowment concept.  Here is the plan:   At age 18 every US citizen would be required to create a unique IRA that I am calling The Ultimate IRA.   Each IRA account holder will contribute at a level similar to today's IRAs, pre-tax, as they are financially able to.   This contribution CANNOT be withdrawn under any circumstances.   It will be invested in any of a number of approved mutual funds, bonds, treasure notes,     etc. as decided by the account holder.    When the account holder approaches or reaches the predetermined retirement age they may choose to switch the holdings over to income-producing holdings.  At retirement age the owner of the account may withdraw interest or income ONLY tax free.   Upon the death of the account holder the IRS will take a pre-determined amount off the top, say 10% to 12%.  The remainder may pass to the heirs, designated beneficiaries or foundations but may be put ONLY INTO Ultimate IRAs or in the case of an organization, into a locked investment fund.   Here is the power of this savings vehicle:  Suppose this were created tomorrow for an 18 year old individual. If this person were to contribute $2000/year from age 18 to 60, at the age of 65 it may contain well over $1,000,000. This could yield an income of $50,000 annually.  Their Social Security income could be adjusted accordingly with some new legislation.  Upon this person's death the government would take maybe $100,000 dollars.  Supposing two heirs, each would receive 450,000 in their Ultimate IRA.  Imagine the compounding effect of this plan!  Within two generations there could be enough personal retirement income to provide living needs, pay mortgages and health insurance. Social Security retirement/disability and taxes could be adjusted accordingly as time progressed. Obviously there is a lag period until it's fully functional. Spoken or unspoken it seems to be human nature in the US to seek to leave some sort of legacy to one's children or perhaps some worthy cause.  The Ultimate IRA achieves that plus providing a retirement income independently of the US Government.  It may not be financially feasible for all but will become more so with time. This will free up Social Security funds for the unfortunate individuals who become unable to work or unable to fund their own retirement due to workplace circumstances.  The concept needs fine tuning but is worthy of consideration.