For those who choose to settle at a discount, the execution would work like this. From the time of the decision on, every payday the 6.2% deduction from your paycheck, instead of disappearing into the maw of the insolvent Social Security program, would directly buy from the Treasury an equivalent amount of actual Treasury bonds, preferably inflation-indexed ones, which would be automatically deposited in your IRA. You now would have assets you truly own, which you could hold or sell to reinvest in your IRA at your option. In exchange, you would give up future scheduled Social Security benefits in the amount of the bond purchase divided by 0.77. This is the same saying that you would be paid in bonds 77% of the reduction in your scheduled future benefits.