The biggest fraud ever

So I have always disliked the Social Security system

This is one of my pet peeves.

The government takes nearly 13% of my income and places it in the Social Security system. Money that I could invest better on my own. I recently calculated how much I could save between now and when I'm 65 (40 years from now) at various rates of return. I also calculated how much I would receive if I took that balance in a 30 year annuity of equal payouts until I reached age 95. Chart with raw calculations.

Basically:
Assumption: current annual income $68000 a year with no future raises in next 40 years
13% of income is saved

Return	Amount Saved	Yearly Retirement Benefit
3%	$682,984	$34,845 per year
5%	$1,127078	$73,318 per year
10%	$4,701,186	$498,698 per year
12%	$8,779,296	$1,089,893 per year

When you consider that 5-10% average return is easily accomplished using very conservative investments, you can quickly see what a fraud this whole social security system. When you combine the contributions for both a husband and a wife, it is even worse. Even someone earning the median income of ~$32,000 could retire a millionaire and have a retirement income of over $100000 per year.

I believe you should be able to opt out of the Social Security system and invest your money the way you choose, in our own account. An account that I control, and no politician can touch. Granted most people aren't disciplined enough to save that much money on their own, so there could still be a mandatory payroll tax that goes in these account much like our Social Security contributions now.

Why can't this be done? Both Republicans and Democrats alike will say that it can't be done. They say that my contributions are needed to pay benefits for current retires. That is completely ridiculous. Instead of keeping my money safe and letting it reap the benefits of compound interest, they squander it. Given the way money grows over time, there is absolutely no reason the Social Security system should be bankrupt as they say it will be. The only reason the current system is loosing money is that current contributions are being squandered away to pay current benefits instead of allowed to grow to pay future benefits to those contributors.

I don't want a "solution" to social security that includes tax hikes and benefit cuts like the current proposals. Partially privatized it like Bush's proposal is good, but still not good enough. I want to be able to entirely opt out of the system.