There are lots of wonderful things about Social Security. For example, almost every American worker can qualify for it easily, and you don't have to save and invest over decades in order to earn it. (You're simply taxed throughout your earning life, thereby contributing to the pool of funds from which beneficiaries are paid.)

One of the best things about Social Security is that it offers regular cost-of-living adjustments -- or "COLAs." In other words, the benefits that you're paid are generally increased every year, in order to help them keep up with inflation. Without such increases, if inflation were to average 3% annually over 25 years, a $2,000 benefit would have its purchasing power slashed in half. That would be devastating to someone depending heavily on it.

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Source Fool.com