Ponzi scheme actually existed since ancient times, and we generally call it "robbing Peter to pay Paul" or "a white wolf with empty gloves". This scam became famous all over the world after Charles Ponzi planned and implemented it in the United States in 1919 and went bankrupt. Ponzi scheme is to use the money of new investors to pay interest and short-term returns to old investors, creating the illusion of making money by investing, thus defrauding more investors to join. When the illusion can't be maintained, it will eventually cause the subsequent investors to lose their money. Some people like to compare insurance to Ponzi scheme, because they have something in common, such as paying someone else's money to someone who needs compensation. If the insurance contract expires, the insured will have nothing. At first glance, it makes sense, but in fact, this statement is just grandstanding. Insurance companies strictly follow the contract, have thousands of years of historical and practical experience, and are bound by laws and regulations. Social insurance is implemented in accordance with the law, and the insured is guaranteed in accordance with the law. There are laws to follow. Many people think that the effort must be rewarded. Think about personal income tax, which is free and compulsory, and it is required that qualified residents must abide by it. Abiding by the law is an obligation that citizens must fulfill, and it cannot be simply compared by paying in return. The powerful tax collection system in the United States has made American residents lament that "only death and taxes are inevitable". The old people's pension is indeed the social insurance premium paid by young people, but it is not so simple. In 1991, China comprehensively promoted the reform of enterprise endowment insurance system. In order to reduce the social burden, the basic principles of the establishment are fixed income with expenditure, a little surplus and some accumulation. This design mode, on the one hand, reduces the social burden, on the other hand, improves the ability of maintaining and increasing the value of the treatment of the elderly. After the reform and opening up, China entered a period of rapid development. At that time, China's financial system was underdeveloped, and the accumulated wealth could not grow as fast as people's income level. Therefore, the old-age insurance system of pay-as-you-go system is adopted. According to the statistical bulletin on the development of human resources and social security in 22, the total income of our pension fund in that year was 4,437.6 billion yuan, the total expenditure of the pension fund was 5,13.1 billion yuan, and the accumulated balance was 4,831.7 billion yuan. The accumulated balance of endowment insurance is less than one year's endowment insurance fund expenditure. What's more, in 221, the total expenditure of China's pension insurance fund has once again increased to 5.65 trillion yuan. I don't want everyone to know that the pension insurance premium paid by young people alone can't support the income of the pension insurance fund. According to the draft central and local budgets for 221, the total budget revenue of China's endowment insurance fund in 221 is 8,918 billion yuan, of which the insurance payment income is only 6,319.1 billion yuan, the financial subsidy income is as high as 2,274.1 billion yuan, and the rest is interest income. Financial subsidies have reached a quarter of the total income from insurance premiums. Financial subsidies are derived from the government's fiscal revenue, and their sources are also created by employed young people, but they involve a wider range. Its pay-as-you-go pension insurance system is not only implemented in China, but also adopted by most mainstream countries in the world, such as Japan, the United States, Germany and Britain. To tell the truth, the old-age security provided by the state is only to maintain the foundation, and the level of old-age care cannot be too high. The state is also vigorously developing occupational annuity and enterprise annuity systems as supplementary systems of basic old-age insurance. In addition, the state will also establish a personal pension system, and relevant departments are working hard to clarify the implementation methods, fiscal and taxation policies, and financial product rules. Both the annuity system and the personal pension system belong to their own accumulation, but the ability to maintain and increase value is hard to say.