Can I opt out of social security entirely?

Question

I'll tell you what, I've known that SS was broken for about the last decade. It's based on the premise that you can keep robbing Peters to pay Pauls. Well, it's gonna go bust. So how about giving me the choice to opt out entirely? I've been paying into social security for about the last 14 years. Go ahead, keep it, the money's yours. I'll never ask for a dime. What I ask in return is that the government quits taking money out of my paycheck every month. I'll invest that, for better or worse, and we'll see where I stand in 30 years. I'd be willing to bet everything I have that I'll be better off doing that then with the government continuing to rob me every single month. Can you opt out of this program? Are we truly in the land of the free?

Answer 1

A question I've been asking for years and have yet to find any real answer.
Currently the only real way is to not opt in to begin with. If I knew when I was a minor what I know now and that it was voluntary to participate I may have never opted in. I didn't have much choice as I recall, I believe my parents signed me up. I like most others was told I needed an SSN to work. My own children were assigned at birth by the hospital.

There have been people that have tried to opt out, how successful that has been I don't really know.
The SSA basically says that they will not remove your SSN from their records.

You may be interested in these links:
http://arbyte.us/blog_archive/2005/07/Opt_Out_Reality.html
http://www.freecolorado.com/2004/12/bwss.html

or just google "social security opt out" for more hits.

Answer 2

Yes! But you'll loose everything that you paid in. Social Security has been broken for a long time. When F.D.R. first started it it was a good concept. It was in a lock box until L.B.J came a long when he found the key opened the box and put in a I.O.U. in place of all the money that was in side.Then Jimmy Carter Came along and opened the box again and threw the key away. Now all the social security monies go into the general fund and I.O.U.s go into the box. There have been others that has opted out and there have been a couple of cities that have opted out. Back in the early 70's. One of the cities was Corpus Christi, Texas. The other one is in Colorado I don't remember which one. They made more money off of the stocks and mutual funds than what they would have with the social security. Since then the social security has closed the loop hole that those two cities used to opt out. but individuals can still opt out.
George Bush wanted to put two percent of what you pay into social security into a private account that no one could get but you. If you died before reaching retirement your family would get it. With social security the government gets it. But the Democrats saw their cash cow was going to go bye bye; and they fought against it. Not only that they would loose control over your life. That is why they want universal heath care to pass so they can have more control over every ones life.

Answer 3

Unfortunately Social Security funds have been raped by all politicians now it is nothing more than a Ponzi scheme with no real way to fix it. We have just begun to start seeing the baby bloomers enter retirement, each year will bring more, in 2 years you can add my name to that list.

The only way to fix this problem is to make the Congress men and women get off of their retirement plans (that pay them their current salary plus 50% for their spouse) for life and make them have to live on Social Security.

Answer 4

Well, you better vote for Ron Paul because he is about the only one out there that will help you.

You see the Baby Boom Generation decided to exchange Liberty for a government nanny state. But they didn’t actually save for that, so they want you to support them now that they are getting older. Tell them NO and vote for Ron Paul!

Answer 5

Can't opt out yet, but if the Conservatives have their way, you WILL be able to do that.
Choice IS the American way.
Socialist Security is NOT!
If you choose to opt out, you are on your own. Can't change your mind if you fail to succeed.
I bet we will eventually need a new WELFARE plan for those who fail to become adequately productive or don't save for retirement. You'll get stuck paying anyway.
Oh well, at least calling it welfare will be HONEST!

Answer 6

Ron Paul wants you to be able to control your own money the rest running want to steal your money and use the cash coming into SS so they can look good proposing these giant programs , just to keep getting re elected. and screw the future generations

Ron Paul 08

Answer 7

The government won't do it because they need a piggy bank to rob to pay for tax cuts from time to time.

Answer 8

Good luck with that ;) They need the money in the mean time...