Due to the amount of Federal CSRS retirement income that I will receive and the 3 for 2 offset that will be assessed against social security benefits that I may be eligible for, I will never receive any social security benefits. Since I can never receive any social security benefits, is there a way to opt of paying into a system that I will never be eligible to receive benefits from.
2007-01-08 08:40:01 · 8 answers · asked by Toni G 2 in Business & Finance ➔ Taxes ➔ United States
You can't opt out if you have a job that's covered by social security.
2007-01-08 09:03:59 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
There are few ways. If you are a minister, you can opt out. It's an irrevocable election. You , of course, get no benefits when it's time for everyone else to collect.
Also, you can opt out if you are in one of the recognized sects, such as the Amish. The reason is that these groups do not believe in social welfare from the government. They take no unemployment benefits; they get no SSA. THey rely on their own community 100% for social support.
Remember: Contributions you make today are NOT for YOUR benefit; they're to pay TODAY's retirees. Ya gotta help your grandma!
The WealthBuilder
Tax Specialist
2007-01-08 09:27:49 · answer #2 · answered by WealthBuilder 4 · 0⤊ 0⤋
If you are employed over seas you should nOT have ot pay SS.
In some cases if you are federal SS is voluntary. congressmen don't pay retirement, yet receive up to 15,000 a year retirement for life with senators spouses entitled to up to 7,500,000 after their (the congressman's) death. I don't think they pay SS unless it is voluntary.
Besides income you earn over 94,000 a year is not taxable by SS.
If you are entitled to SS at age 62 than you would have to refund a portion back of any amount over the SS. you earned. Once you become fully retired or old enough to collect full SS you can earn as much as you wish without gentility.
The idea that you stop paying SS on salary over 94,000 is a plus for the rich even though it effects the middle class also.
People should have to pay SS on all income to make it fair. that way there would be no shortage iof SS funds.
2007-01-08 08:52:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
lol you work for the government and have an awesome CSRS retirement, got your 40 quarters and now you want more? Sorry not possible to get out of it. Be glad you will have one of the few defined benefit pensions indexed to inflation, and don't forget to sign up for that health insurance 5 years before retirement.
2007-01-08 13:46:49 · answer #4 · answered by toledogolf 4 · 0⤊ 0⤋
People are under the impression that what they pay in SSI goes into a savings account for them when they get older (which is not the case). You are paying for people who are retired now, the next generation will pay for you. The reason SS is in such a bad way is cuz of the baby boomers and the out sourcing of jobs. There are more people who are retired (or soon to be) then those working & can support them. Your goal is now to focus on IRA & 401k like the rest of us. While it may not be fair that we have to pay for peoples parents or grandparents, yet nobody will pay ours. There has to be a generation that gets hit with this burnden (and it is us). Rather then look for a way out of it, just try to look at the upside that somebody older in your family is getting what you pay in.
2007-01-08 08:51:58 · answer #5 · answered by Anonymous · 0⤊ 1⤋
You wish.
Get elected to the US Congress. They don't have to pay social security taxes and get a much better pension then you will ever qualify for.
2007-01-08 08:43:13 · answer #6 · answered by jbowler 3 · 0⤊ 1⤋
Switch to the post office or self employment.
2007-01-08 09:12:00 · answer #7 · answered by kate 7 · 0⤊ 2⤋
nope.....become amish...that's the only way out of taxes.
2007-01-08 08:43:22 · answer #8 · answered by Anonymous · 0⤊ 1⤋