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Privatizing changes
would break promise
to American workers

I worked for the Social Security Administration for a quarter of a century, so I know what this program means to real people, including my own mother, who was able to lead a life of dignity because of the peace of mind that Social Security provided. Even today, more than half of older Americans would fall into poverty without Social Security.

Social Security helps 52 million Americans of all ages, including workers with disabilities and dependent children. The most successful government program in our nation's history, it is a promise our country has kept for almost 70 years.

There's a raging debate now about Social Security. Our goal is retirement security for people of all ages. That's a promise to Americans who have earned Social Security's guaranteed benefit. AARP's position is clear: Social Security is strong now. As it stands today, Social Security will be able to pay every penny of promised benefits through the year 2042.

It is true, the program needs changes so that it will always be able to pay full benefits for all generations of Americans, but we don't have to dismantle the current system to do it. Strengthening Social Security is the No. 1 issue for our 35 million members. And it's AARP's No. 1 legislative priority in 2005.

However, we adamantly oppose President Bush's proposal to take some of the money that workers pay into the system and divert it into newly created private accounts. Diverting money into private accounts would weaken Social Security, put benefits for future retirees at risk, and do nothing to ensure long-term solvency.

Estimates are that diverting a third of the payroll contributions paid into Society Security (this is the amount usually suggested for private accounts) would cut funding for Social Security by the same amount and create a shortfall of some $2 trillion. Some critics of these personal accounts think that Wall Street, not retirees, would be the real beneficiaries. AARP strongly encourages people to save for retirement, but such savings should be in addition to Social Security, not in place of it.

The changes needed to strengthen Social Security don't have to be drastic, but the sooner they are made, the better. Here are just two examples of options to be explored:

There are other steps, short of gambling with risky private accounts out of Social Security money, that could strengthen the program even more.

The stakes are high. Keep the promise to your children and grandchildren -- defend Social Security for all generations.

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