Risky Business?(SERIES: SAVING SOCIAL SECURITY)(ISSUES & INSIGHTS)(EDITORIALS)(Editorial)

Social Security: Bit by bit, details of President Bush's plans for private retirement accounts are being hammered out. So far, we like what we see.

According to an Associated Press report, Bush's reforms will include plans for private accounts modeled on the government's own Thrift Savings Plan -- the federal retirement program that already delivers higher returns to retiring workers than Social Security.

Like many corporate 401(k) plans, Bush's likely will include just a handful of choices, mainly diversified investment funds, to which people can divert a portion of their payroll taxes.

This is important, because those who don't understand private …