Any comments about Mr Madoff?

[classicman]

Originally Posted by classicman

But for the sake of the argument, if they raise the age to say 80 and I die at 79 1/2 how much do I get?

Originally Posted by Happy Monkey

It depends on whether you opted to enter the program early at a reduced payout.

Lets use the above example and say I stop working and die at 79. How much am I getting after contributing my whole life? No, I am not opting for a reduced payout.

[tw]

Originally Posted by classicman

Lets use the above example and say I stop working and die at 79. How much am I getting after contributing my whole life?

Why are you confusing insurance with something completely irrelevant to Madoff? You obviously know the difference. Why are you confusing investment with insurance - two completely different topics?

Thousands of people contribute to insurance and get nothing so that the one gets reimbursement. Madoff was not an insurance company regulated by a state (ie NY). Madoff was an investment banker regulated by the organization gutted by a political agenda: the Security and Exchange Commission.