When my first husband died, leaving me with two young children, Social Security was the safety net that allowed us to recover and build a new life. I went back to school and remarried four years later. The support provided by Social Security to both seniors and families with children who lose a parent is a promise we must keep. Social Security has been one of the most successful social programs we have ever had in the United States, allowing seniors to live with the dignity they deserve. We must preserve it to protect the wellbeing of senior citizens after their lifetime of contributing to society.
The volatile stock market and loss of personal assets over the past few years should be ample warning AGAINST privatizing Social Security and creating individual accounts.  There are many pathways, including individual retirement accounts, to accumulate personal retirement savings as a supplement to Social Security.
For a deeper understanding I recommend reading the history of Social Security found at http://www.ssa.gov/history/