Becker proposal to fix USA budget deficits on social security

In this interesting post, Nobel Prize Gary Becker, explains his proposal to fix the social security system of that country. Professor Becker pushes for individual retirement accounts in pensions, as thay now exist in many countries of Latin America, such as Mexico, Costa Rica, and Chile. He also supports a sharply increase in the fraction of all medical care spending on the elderly that comes from out of pocket spending by patients. Most importantly, he suggests to increase the age needed to be entitled to benefits. In his opinion, the retirement age should be set so that the ratio of the years spent in retirement in relation to the years worked is set to the ratio that prevailed when the system was founded; i.e., approximately one fourth. This will set retirement age to 70.