The city of Galveston TX opted out of Social Security before 1983 when the law was changed to prevent it. The following article discusses the issue and the comparative differences. It is similar to the reforms advocated by the President until shot down by liberal lawmakers.
http://www.ncpa.org/pub/ba/ba514/
Here is an excerpt from the article:
“Galveston vs. Social Security. Upon retirement after 30 years, and assuming a 5 percent rate of return — more conservative than Galveston workers have earned — all workers would do better for the same contribution as Social Security:
• Workers making $17,000 a year are expected to receive about 50 percent more per month on our alternative plan than on Social Security — $1,036 instead of $683. [See the Figure.]
• Workers making $26,000 a year will make almost double Social Security’s return — $1,500 instead of $853.
• Workers making $51,000 a year will get $3,103 instead of $1,368.
• Workers making $75,000 or more will nearly triple Social Security — $4,540 instead of $1,645.
• Galveston County’s survivorship benefits pay four times a worker's annual salary — a minimum of $75,000 to a maximum $215,000 — versus Social Security, which forces widows to wait until age 60 to qualify for benefits, or provides 75 percent of a worker’s salary for school-age children”
Makes you wonder at the wisdom of those that frustrated the President's efforts at reform.