The CATO institute has a Social Security Privatization Calculator. They illustrate just how much better people will fare if they are permitted to put their contribution to Social Security into a private retirement account instead.

A person aged 35 and making $50,000 would get back $22,870 when they retire at age 67. If they put their half of the contribution (6.2% of their income) into a private account, they could expect to get back $46,044 a year. (All dollars are in 2004 dollars.) For a person aged 25, your benefits would be $25,066 vs. $71,881 respectively.

Keep in mind that your employer would still be paying 6.2% of your income into Social Security on your behalf. And of course for blacks and minorities who are much less likely to live to age 67, your payout under social security is zilch.