Social Security Preservation Act

[AI summary unavailable — showing source text] Social Security Preservation Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to add a part B (Investment-Based Social Security) outlining a new program to allow any individual born on or after January 1, 1953, who is employed by a covered employer or who is self-employed, and certain other individuals requesting and granted an eligibility waiver, to elect to receive social security benefits from a portion of their wages that have been contributed to designated social security savings accounts for employees (SAFE accounts) for investment, with a total monthly benefit guaranteed to be not less than the monthly benefit promised under the current program under OASDI, redesignated as part A (Debt-Based Social Security). Permits investing employees to use the money in their accounts to purchase a social security savings annuity for eligible retirees (SAFER annuity) to pay benefits promised under the current system plus a bonus for participating in the new system. Treats any SAFE account generally in the same manner as an individual retirement plan. Amends the Internal Revenue Code to provide for a reduction of FICA (Federal Insurance…