Roosevelt implemented Social Security in 1935 as a safety net for Americans. Economists estimate that by 2035, Social Security, as it's currently structured, will no longer be able to fund the aging population.

Instead, a better alternative is to invest that same amount into an ETF that tracks the S&P 500. After a 40-year working career, the individual would have about $3 million, assuming a median wage and current employer matching on payroll tax.

This would give the individual a yearly payout of $120k which grows at 6% per year, on average, if they follow the 4% rule on withdrawals, lasting them indefinitely and leaving something behind for their children when they pass away. In contrast, Social Security right now, on average, pays $26k per year.