Professor Antony Davies is in favor of the former. He believes Americans are not benefiting from Social Security anyway because they realize a mere 1.2 percent on average over time. Instead, he proposes private investment, which will allow consumers to generate anywhere between 1.7 to 5.1 percent gains, depending on how that money is invested.
I've attached a four-minute clip of Prof. Davies' proposal below. His idea is worth consideration.