I'm a young person and with the current state of Social Security I'm justifiably concerned about the chunk of my paycheck going to SS. This may be an unpopular view but I feel that Social Security goes against the capitalistic foundations of our nation, and mainly that every individual should have a choice in their future financial security. All biased views aside I would like to know if there are ways of opting out of or getting around Social Security altogether (besides becoming a pastor/clergy member). I know this may be unorthodox but thank you for any information or help.
2007-04-23 17:02:30 · 9 answers · asked by Ryan 2 in Politics & Government ➔ Law & Ethics
Sorry, but your stuck feeding the monster like the rest of us. As you noted in your post, the only way you can opt out is to be in the clergy.
2007-04-23 17:14:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You are right, Clergy is the only way, but even with the state of SS right now, it may not be a wise decision unless you are single, with no significant other, and no children and no hope of those things in the future. Reason being, if you die right now, your survivors will get benefits...you may not recieve benefits as a retired person, but what if you die early. Unfortunatly, I think you are stuck paying, so might as well enjoy that letter that says how much money your survivors would get if you die...If you haven't gotten one of those letters, wait a few years. Good luck!
2007-04-23 17:13:33 · answer #2 · answered by Paul B 2 · 0⤊ 0⤋
Social Security is a revolving fund, which means that the money going in, goes back out to pay the current benefits.
When it is your turn, you will draw benefits too. Believe me, the guys in charge will make sure that there are funds available, so they will have theirs. If we can fund wars for untold amounts of money, we can transfer money to cover any shortfall. You can always start your own savings account, by depositing something every paycheck to a Roth I.R.A.
How do you think people managed before Soc Sec???
It is a great thing to have. Best wishes
2007-04-23 17:12:57 · answer #3 · answered by tylernmi 4 · 0⤊ 0⤋
The railroads have a different retirement system. Railroad employees are pulled out of Social Security and put into the railroads' retirement system. Much better than SS.
2007-04-23 17:19:34 · answer #4 · answered by Nat 3 · 0⤊ 0⤋
I believe that civil service employment does not participate in social security but has it's own retirement system.Then when it's retirement time,You do not collect social security but only your own savings that has been withheld through the years !Check it out ,Civil service as in jobs with a city or county.!
2007-04-23 17:14:10 · answer #5 · answered by jack y 4 · 0⤊ 0⤋
Not if you work for someone. You can not pay if you work for yourself, but, you not entitled to Social Security either. I not sure it legal, but, I have known people who did not pay, thinking incorrect how it work and not have social security as nothing is said. But, working for someone you pay ½ and your employer pay ½. When you work for yourself you have to pay 100%.
2007-04-23 17:13:12 · answer #6 · answered by Snaglefritz 7 · 0⤊ 0⤋
No, they need your money now to pay for the people who are drawing it now.
2007-04-23 17:05:26 · answer #7 · answered by bbj1776 5 · 0⤊ 0⤋
you have to be collecting SS to be exempt, sorry. Just suck it up, we all have to pay it, why shouldn't you?
2007-04-23 17:11:15 · answer #8 · answered by frances d 2 · 0⤊ 0⤋
Nope, it is a tax you are required to pay.
2007-04-23 17:07:20 · answer #9 · answered by msi_cord 7 · 0⤊ 0⤋