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By comparison, Social Security taxes and expected benefits come closer to balancing out.
The same hypothetical couple retiring in 2011 will have paid $614,000 in Social Security taxes, and can expect to collect $555,000 in benefits. They will have paid about 10 percent more into the system than they're likely to get back.
Consider an average-wage, two-earner couple together earning $89,000 a year. Upon retiring in 2011...
Originally posted by RedPill
You don't get back what you pay in, the money you pay in today is going to retirees today, and when you retire the workers of that time will be paying your monthly SS check.
So when the baby boom retires there will be many retirees compared to few wage earners who pay.
Originally posted by WTFover
So, the numbers should be nearer $220,000 paid in and $555,000 taken out.
Originally posted by croweboy
The number would have to reflect the employer contribution (matching percentage). I'm also fairly certain that the employee contribution plus the employer contribution adds up to 15%.