Privatizing Social Security for those under 55 could shortchange our children and grandchildren of the guaranteed benefits of financial security that US citizens have enjoyed. There has been a failure to protect investors from recession, fraudulent practices by investment bankers, mutual fund analysts, as well as the corruption of Enron and World Com executives. It is difficult to place trust in a stock market that lacks a safety net and is subject to the vicissitudes of the economy. Those with lower income may be financially illiterate and have less to invest resulting in a smaller return.

Private savings could run the risk of being depleted prior to the retiree's death, even if properly managed. Social Security is not a handout. It has provided the elderly with some security and dignity. Yet with longer life spans there is a financial challenge. It would cost billions of dollars to revise the system. Some suggestions have been made such as raising the retirement age to 70, increasing the taxable wages from $90,000 to $140,000 and adding one-quarter percent to the payroll tax for employees and employers. If one-half of the funds were invested privately and the government managed the other half, it is said that if there is a remainder, it could be passed on to their heirs.

Privatization would reduce inflowing funds available to pay individuals already collecting benefits. If a new system is instituted taxpayers would have to contribute to the current system and again into the private retirement fund, imposing a hardship by having to pay twice.

Our present system needs to be overhauled. In order to continue the quality of life among the elderly and disabled, write to your congressmen to investigate viable alternatives to protect and provide financial security for its present and future citizens.

Beth S. Goldberg