Let's see -- you’re 22, right? OK, so here’s the deal ... you give me (at least) 12.4% of your income for the next 45 years (or thereabouts) and when you're 67 (or 68 or maybe 70 or 75) I'll pay you a princely sum (not to exceed 27% - but probably a lot less) of your total final salary each year for the rest of your life.
But wait! That's not all. As a special deal, I'll throw in annual cost-of-living increases (unless I decide not to).
This is an offer you can't turn down (no, really, you can't - it's against the law).
And there are only a few minor (truly minor - miniscule, really) strings attached.
For one, I reserve the right to change the percentage you "contribute" (heh) at any time and on my whim. And by the way, I've done it before - it's never gone down.
For another, right now I'm only demanding 12.4% of the first $106,800 of your income. I may decide up that 'contribution' to all your income at any time. After all, if you earn more than $106,000, you're rich, right? You'll never even notice the added 'contribution.'
Third, right now I'm letting (heh) you retire as early as age 67, but I'll probably up that age soon to 70 or maybe 75. After all, you're going to live much longer and we wouldn't want you to be bored, would we?
And, well, let's see: fourth, that 27% number is pretty generous (hell, it's over one quarter of your pre-retirement income), so I'll only give you that much if you make over the minimum specified in this chart over your entire 45 year (or longer, see above) working life.
If you don't earn more than that minimum, I'll give you a higher percentage of your total average income, but fewer total dollars.
Doesn't that sound really, really good? I'm glad you think so, because ... well, because you have no choice.
Oh. And one last little teensy-tiny string. I reserve the right to completely cancel the program at any time -- sorry, no refunds.
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