By James Pilcher
The Cincinnati Enquirer

Older workers fear having fewer Social Security benefits once they retire. Younger workers think they'll never see any of the money taken from their paychecks.

Federal Reserve Chairman Alan Greenspan's comments that Social Security benefits might need cutting triggered those and other reactions Thursday from a diverse group of Greater Cincinnati workers. The workers gave their viewpoints at one local workplace, the downtown law office of Thompson Hine.

The workers facing retirement in the next decade worried that they might be asked to work longer to keep Social Security afloat. "I know something needs to be done ... but nobody wants to be sitting here at the age of 70, especially me," said Dee Garrett, 58, a receptionist from Dry Ridge. "That's not good for the person or good for business."

Meanwhile, younger employees said they were resigned to the idea that Social Security might not be around when they get to retirement age. "I've been told for as long as I can remember that Social Security will be bankrupt soon," said labor and benefits lawyer Eric Clark, 29, from Clifton. "I feel that stinks, but what can I do about it?"

Greenspan told the House Budget Committee on Wednesday that soaring budget deficits from out-of-control entitlement programs could lead to a "very debilitating" rise in interest rates and threaten the economy.

It was not a new position for the central bank chairman, who regularly reiterates the recommendations that are essentially the same ones made by a bipartisan commission on Social Security he headed two decades ago.

Greenspan, who turns 78 next week, also suggested tying the retirement age for full benefits to longer life spans, with the age continuing to rise. The 65-year age for retiring at full benefits started increasing last year and now stands at 65 years and four months for people retiring this year. It gradually increases to 67 over the next two decades and then stops rising.

He emphasized that he was not talking about any cuts for people already retired or on the verge of retirement.

Greenspan's assurances were little consolation for legal assistant Amy Hamilton. The 44-year-old from Union Township, Clermont County said that while she realizes she is paying for current retirees, she wants to get back close to what she put into the system when her retirement comes.

"I'm already worried about it, because I'm not sure that there will be a whole lot there when I get there," Hamilton said.

Of those interviewed, most said they would be willing to put at least part of their contributions into a private account that they could manage.

Yet Diane Stockmeier of Amelia said that she finds talk of downsizing or even elimination of the nearly 70-year-old program would be unacceptable.

"It has obviously worked this long when left alone and not borrowed from," said the 56-year-old legal secretary. "And I've been paying into it for 40-plus years, so I'd like it to be around when I retire. But it sounds like everything else in America, it has to be downsized to the point that it hurts the people who made this government and country great."

The Associated Press contributed to this report. E-mail jpilcher@enquirer.com