My first job out of college was with an educational institution. I worked there 11 years. After my first 3 years I was allowed to begin participating in the retirement plan.

I did so for the 8 years. During this time the company would match my contributions plus some percentage over my contribution. For example, if I put in 3% of my salary yearly they would put in 6%. If I put in 6% they would put in 9% etc. After 8 years, I left the company and went into my own business and moved to Florida, never looking at that retirement plan again. No further contributions were made by me or the company. I had put my retirement plan allocation all in stocks and forgot about it. That was in 1979.

That company had tried to get out of the SSS during my tenure there, but the gov't wouldn't allow it.

Fast forward to 1994, when my mom moved to Florida to help my wife and I take care of our 3 year old since we were both working many hours in my business. My mom had brought an envelope with her. Well, was I surprised when I opened that envelope to find that my retirement had grown from $14k+ dollars(when I left the company) to nearly $500k in 1995. I was shocked to say the least! Of course it's grown much more since then.

This is an example of how private social security would be soooo much better than what the gov't offers. I wish I could have put the money the gov't took out of my pay those 8 years, into that retirement fund as well. The best part is there is no cost to the tax payer! Yes, it would be mandatory to participate with no early withdrawal allowed, and although there would be no matching contribution, I'm sure everyone would be much better off come retirement time.