THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Sunday, February 9, 1997 TAG: 9702070012
SECTION: COMMENTARY PAGE: J4 EDITION: FINAL
TYPE: Letter
LENGTH: 28 lines
The recent discussions about privatizing Social Security, or allowing individuals to place their own monies into private retirement programs, fail to address one of the major problems with our present system: that Social Security has become much more than just a retirement program. Over the years, significant additional benefits have been added. About 40 percent of our present Social Security funds goes toward benefits other than retirement.
To cite just a few examples: When anyone receiving Social Security benefits dies, their estate is paid $255 to assist with burial expenses; if a wife lives with her husband at least 10 years, when she reaches age 62, she is also eligible for Social Security benefits; if a young man dies after paying into the Social Security system for only a few years, his wife and each child will receive benefits.
While most Americans might be able to do better by handling their own ``social security'' for retirement, these other safety-net types of benefits will not be included. Surely an insurance policy that would pay your spouse and family a fairly good monthly check in the event of your death, purchased in the early years of your life, would cost an astronomical sum. It is no wonder that our total Social Security outlays have become so expensive.
RUTH M. MARTIN
Norfolk, Jan. 29, 1997