Letter to the Editor ¦ January 8, 2004
Securities market unwise for retirees

David R. Francis Jan.5 Economic Scene column, "Why retirement plans are falling short," is a classic article dealing with the classic problem of fitting a square peg into a round hole - it ain't going to happen.

For the population at large, the securities markets were simply not designed for the accumulation of retirement funds that will be safe from investment losses, insurers are not geared to provide annuities that are inexpensive, and workers will forever be unable to save and or retain money needed, even in tax-sheltered retirement accounts.

The classic solution, Social Security, which neatly solves the problems posed by private means, has had its otherwise spotless reputation so bloodied by partisan privatization politics that it gets nary a glaance anymore. It needs to be revisited.

David Langer
New York

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