Weekly Column

    "If it ain't broke, don't fix it." The old saying is catchy, but not always correct. What if it were possible to tighten a small screw now in order to prevent a structure from collapsing? I believe this policy should be applied to Social Security. Although it is sound for today's seniors and for those nearing retirement, with some improvements we can provide retirement security for future generations.

   Most Americans who have paid into the Social Security system know that when they retire it will fulfill its promise. For those who have reached retirement age or for anyone who is nearing retirement, Social Security will provide a guaranteed income. I know there are deep concerns about changing Social Security for those who have already earned their benefits. Rest assured there is no plan on the table that would change the system for those who have reached retirement or those who are near retirement age.

   But for those that have just entered the workforce, Social Security must be improved to insure they receive their full benefits. Unfortunately, if the system remains unchanged, young people will receive drastically reduced benefits when they retire. Because of changing demographics--fewer workers per retiree--by the time my son retirees his projected benefits will be cut by 27 percent. This is not the kind of problem we should be leaving for our children and grandchildren.

    If nothing is done to reform Social Security, future generations will have to deal with either unprecedented tax increases, a Social Security system that cannot pay out promised benefits, or unsustainable increases in the national debt. We must give the next generation an opportunity to enhance their personnel savings and create a nest egg so they will be able retire comfortably. Any plan that is implemented must be voluntary, but the longer we wait the more difficult and costly it will become to fix the problem.

     I believe that investing money in personal accounts and allowing younger workers to decide how their money is invested is an idea that deserves serious consideration. Many workers today have opportunities to invest a portion of their own salary in IRAs and 401(k)s for a greater return than what the Social Security system offers. Personal accounts invested in safe, low-cost, broad-based investment funds will earn higher rates of return than the traditional system. Personal accounts will help workers enhance their personal savings and their freedom to retire by creating a nest egg that the government cannot take away. Workers will also be able to pass the savings they did not use to their children.