http://moneycentral.msn.com/content/RetirementandWills/P98826.asp?GT1=5738(snip) "According to the Social Security Administration, the average retirement check in August was $926.90. The largest possible check for retiring this year at full retirement age is $1,793.61. If we put the minimum wage, $5.15 an hour, in the calculator, we learn each hour produces 64 cents of employment tax using the full 12.4% employer/employee rate (another 2.90% goes to Medicare).
That, in turn, means it takes 1,451 hours of minimum-wage work per month to produce the average retirement check. That's about nine full-time workers -- a lot of workers. Since the actual ratio of workers to retirees is currently about 3-to-1, we're fortunate that many workers earn a good deal more than the minimum wage.
The average worker at Wal-Mart is reported to earn about $9.70 an hour with minimal benefits. That means a Wal-Mart worker generates $1.20 an hour in employment taxes and would need to work about 770 hours a month to produce that $926.90 check. So it would take nearly five full-time Wal-Mart employees to produce one average Social Security check.
With national average hourly earnings at $15.30, the average worker generates $1.90 an hour in employment taxes. The worker would need to work 489 hours a month to generate the average retirement check. That's roughly equal to three full-time workers."(end snip)
YIKES! So I guess that means if the Idiot-In-Chief wants to change Social Security so that workers can put 2%-4% of their Social Security contributions into private accounts, that will push the total up to 11 or so "McWorkers". I guess I'll need to start planning on adopting a whole shift of workers at McDonalds or Taco Bell in order to make sure my Social Security check will be covered.