| 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 | ||||||