Sunday, August 15, 2010

Happy Birthday Social Security!! 75 years young. I hope you have many more????

Happy Birthday, Social Security: Now Here's 22 Scary Facts About America's Pension Crisis

1. 6 out of every 10 non-retirees in the United States believe that the Social Security system will not be able to pay them benefits when they stop working.

2.  35% of Americans over the age of 65 rely almost entirely on Social Security payments alone.

3. 56 percent of current retirees believe that the U.S. government will eventually cut their Social Security benefits.
4. There will be two workers for each retiree in 2025

5.  Social Security paid out more in benefits than it received in payroll taxes this year

6. Approximately 57 percent of Obama's budget consists of direct payments to individual Americans

7.  America's 100 largest corporate pension plans were underfunded by $217 billion at the end of 2008.

8. Approximately half of all workers in the United States have less than $2000 saved up for retirement.

9.  36 percent of Americans say that they don't contribute anything at all to retirement savings.

10.  The number of pensions at risk inside failing companies more than tripled during the recession.

11.  24% of U.S. workers admit that they have postponed their planned retirement age at least once during the past year.

12.  California has $22,000 per working adult in unfunded pension liabilities

13.  California's three biggest pension funds are as much as $500 billion short of meeting future retiree benefit obligations.

14.  In New Jersey, the governor has proposed not making the state's entire $3 billion contribution to its pension funds because of the state's $11 billion budget deficit.

15.  It has been reported that the $33.7 billion Illinois Teachers Retirement System is 61% underfunded and is on the verge of total collapse

16.  The state of Illinois recently raised its retirement age to 67 and capped the salary on which public pensions are figured.

17.  The state of Virginia is requiring employees to pay into the state pension fund for the first time ever.

18.  In New York City, annual pension contributions have increased sixfold in the past decade alone and are now so large that they would be able to finance entire new police and fire departments.

19.  For all states, unfunded pension liabilities equal up to $3.2 trillion

20.  Entitlement programs have a $46 trillion shortfall over the next 75 years

21.  Debt plus entitlement spending may absorb 92 cents of every dollar of federal revenue by 2019

22.  By 2080, debt and entitlement spending will eat up 50 percent of GDP
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