Why Social Security Retirement Benefits are a Show of Respect

Some people erroneously call Social Security a Ponzi scheme. Nothing could be further from the truth. A letter to NOLA.com explains that a Ponzi scheme is “a fraudulent investment strategy” that promises high returns with low risk generated by recruiting new investors. The author then goes on to describe Social Security as “a governmental insurance arrangement designed as a transfer of funds between generations to mitigate old-age poverty and to provide for unforeseen events such as death and disability prior to retirement.”

There is no fraud involved. Rather, he believes Social Security is based on an age-old tradition in which elders were primarily cared for by their immediate children stating, “Social Security conceptually extends this idea to a society-wide plan to benefit all elders supported by all workers.” Simply stated, Social Security shows seniors respect for all they have done for us and society.

The Seniors Trust believes we can best support our elders by enacting the Social Security Expansion Act. This landmark bill will increase monthly benefits, establish a fairer cost-of-living adjustment (COLA), and shore up the long-term solvency of Social Security making sure it is there for all retirees – today and tomorrow.