A couple of questions:

1) Ultimately, what would be the benefit in someone taking 2/3rds of his/her money nominally earmarked for Social Security and putting it into a 'personal' retirement account? Don't we already have the 401(k) and the various kinds of IRAs?

2) There are people out there who will/would take advantage of the voluntary nature of the Personal Account and just not put it in, giving him or herself more money in the pocket. What happens at the end of the road when this person finds itself up the creek without funds?