Social Security is insurance.

Editor,
Some argue that Social Security is not insurance because everyone gets old, and there is no way to insure against getting old. Is auto insurance not insurance because everyone who has it drives? Social Security insures against destitution in old age, not old age itself. Insurance companies meet their obligations and prosper handsomely by pooling risk. Every policy holder pays premiums, but not every policy holder files a claim. All workers should pay into Social Security, but not all retirees should draw benefits. To guard against freeloading, quarters worked should weigh in the formula to calculate one's benefit. Wealthy people should not be exempted from paying in, because no one knows the future, and fortunes sometimes disappear.