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Last year, if you earned the average UK income, you gave more than £1,000 more than Facebook did to HMRC.
For example, his October update showed that a single male who earned the average wage ($44,600 in 2012 dollars) and turned 65 in 2010 had paid about $61,000 in Medicare taxes and could expect $180,000 in benefits.
For example, a married couple with a single breadwinner who earned the average wage his whole life and turned 65 this year will collect more than six times as much in net Medicare benefits as the couple paid out in taxes.
For consistency, we assumed that the worker in question was a 30-year-old who had been employed for the past five years, had no children, earned the average income and was actively looking for a highly skilled job.
A two-earner married couple both retiring in 2011, who both earned the average wage ($43,500 in 2011) throughout their working careers would pay a lifetime-value of Social Security taxes equal to $611,000 and expect to receive a lifetime-value of Social Security benefits equal to only $560,000.
The average woman in Louisiana could afford 21 more months of rent, or two and a half years' worth of food for her family, if she earned the average male salary there.
Similar(53)
A couple earning the average full-time male earnings in NSW and half of the average women full-time earnings would have an annual income of $133,000.
However, not all employees earn the average.
Someone earning the average wage will need to save over six times more than they currently do to generate the government's recommended retirement income of £16,200.
What's more, he says that those earning the average salary of £34,000 will be better off - and that includes nurses, teachers and police.
Mathematically, the average fund must earn the average market return before fees.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com