Social Security
On this, I choose to basically keep anyone whom is of age 55 or greater on the current SS plan until I could figure out how to pay them off. Anyone under the age of 55 would have to fend for themselves.
# People collecting Social Security1 49,123
% that can afford retirement ie: claim more than $100,000 per year
Average Montly Payment 1 $1,002.10
Total Annual Amount: $590,713,899.60
# People age 55 or older 2 70.092 Number in millions
Planned Annual Liability $842,870.32 Number in millions
Planned Lifetime Liability 3 $25,286,109.55 Number in millions
Number people over age of 65 1 36.790 Number in millions
Number people still contributing 33.302 Number in millions
Average Monthly Contribution $258.33 6.2% tax rate 4 X $50,000 per year
Total Annual Contribution $103,236.20 Number in millions
Planned Total Lifetime Contribution 5 $1,032,362.00 Number in millions
Unfunded Annual Liability $739,634.12 Number in millions
Planned Unfunded Lifetime Liability 3 $24,253,747.55 Number in millions
Footnotes:
1 Source: http://www.census.gov/compendia/statab/cats/social_insurance_human_services/social_security_retirement_plans.html - 2005 data
2 SOURCE: U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement, 2008.
3 I based this off Annual Liability X 30, where 30 is the number of remaining years current population has until age 85 (estimated life expentancy)
4 Source: http://www.ssa.gov/pressoffice/colafacts.htm
5 Estimated 10 years remaining of contributions for people age 55 thru 65