For those who claim the American people are not smart enough to invest their own money, but according to Kevin Hassett (director of economic policy studies at the American Enterprise Institute) recent estimates suggest that 80% of Americans behave quite rationally, saving much the way the economic model says they should.
Granted, this can be considered subjective, but say its wrong by even 5% (which is a lot), that still means 75% of Americans are rationale enough to invest their own money. Why do this 75% have to be punished because the other quarter do not invest their money well. Since it's my money, I should be able to use it the way I want. The restrictions on SS were implemented during a time when you couldnt trust the people to invest in this money wisely. Nowadays, enough people have a clue so that they shouldnt be limited.