The Internal Revenue Service (IRS) is working on plans to help relieve the pressures on the Social Security system, which is expected to run out of money by 2032, according to federal reports.

In line with plans outlined by President Donald Trump, the IRS has filed paperwork to set up a federal retirement savings incentive program called Saver's Match, a refundable tax credit.

The idea is if you qualify for the program, you could put $2,000 into a retirement account and get a tax credit up to $1,000 dollars during the current tax year.

The IRS says it intends for the program to have four kinds of contributions to retirement savings plans as part of the Saver's Match program:

Simple contributions to a traditional IRA or Roth IRA
Elective deferrals like those that are made to 401(k) plans
Contributions made to a 501(c)(18) plan and
After-tax employee contributions to a qualified retirement plan

Heritage Foundation Chief Economist E. J. Antoni says these will be reliable alternatives to Social Security that will provide better returns than the venerable retirement program that's now nearly 100 years old and, according to federal government estimates, could run out of money as early as 2032.

"We intend to move Americans from an unsustainable Ponzi Scheme to something that is sustainable and something that will provide private market returns," Antoni says.

The big problem with Social Security, he says, is that it doesn't give recipients in retirement anywhere near the amount they put into the system over their working years.

The new regulations for the program are related to the “Promoting Retirement-Savings Access for American Workers by Establishing TrumpIRA.gov” executive order signed by Trump on April 30.

Trump noted that tens of millions of Americans don't have access to employer-sponsored retirement plans, creating “unnecessary barriers to saving for retirement.” for small-business workers, the self-employed, independent contractors, and part-time workers facing “unnecessary barriers to saving for retirement.”

"So this whole idea that we can count on Social Security or that Americans are getting a good deal out of the program are just absolute nonsense."

The privatizing of retirement benefits would be helpful to those in lower and middle economic classes would be much more appropriate that continuing the failing Social Security programs, Antoni says, because "they can get such better returns that way than you ever could with a program like Social Security.

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