Opting out of Social Security

[rh71]

Originally posted by: BatmanNate
Disgusting, isn't it? You know it won't be there when most of us reach that ripe old age. Textbook pyramid scam to the letter. I don't trust the damn government to invest in providing for myself at a later age, that's my own problem, unfortunately I don't have a choice in the matter.

/hell in handbasket

I used to hate it because of that too... we, at a current age of ~20-25 or younger will not see it. But it comforts me to know that at least my parents will be getting some of it... so I'll gladly keep paying...

 

[BatmanNate]

Originally posted by: rh71

Originally posted by: BatmanNate
Disgusting, isn't it? You know it won't be there when most of us reach that ripe old age. Textbook pyramid scam to the letter. I don't trust the damn government to invest in providing for myself at a later age, that's my own problem, unfortunately I don't have a choice in the matter.

/hell in handbasket

I used to hate it because of that too... we, at a current age of ~20-25 or younger will not see it. But it comforts me to know that at least my parents will be getting some of it... so I'll gladly keep paying...

However that is assuming that some nameless political administration does not screw it up further before that point. *cough*

 

[yakko]

No real way to currently though I have heard otherwise from a couple people. Go here for some good information.

 

[Mill]

Originally posted by: pulse8

Originally posted by: FFMCobalt

Originally posted by: notfred
Get your SSN revoked. Have fun getting bank account, or a job, or a loan, though.

And before someone says it: No, you're not required to have a SSN.

Right. You can just steal them like the illegals do here.

Did an illegal immigrant piss in your cereal this morning?

Either that or his mouth.

 

[Vic]

Originally posted by: FeathersMcGraw
Unless you're self-employed, I don't see how it's possible to opt out. I certainly don't know of any payroll departments that would be willing to not deduct them.

Even the self-employed cannot opt out. They pay a federal "self-employment" tax that is Social Security. It's worse for them, because they have to pay what would otherwise have been their employer's match (so in essense they pay double).

 

[vi edit]

I'm economically burdened... 16% to SS. Figure 25% Federal and 9.3% state taxes, that means I'm paying 50.3% of my gross, whereas a non-self employed person would be only paying 42.3%. BIG difference in my spending ability.

Well then you aren't working your deductions well enough.

 

[Ornery]

"However that is assuming that some nameless political administration does not screw it up further before that point. *cough*"

Guess what, lugnut? The only hope we have of getting rid of this BS social program is with the GOP or Libertarians. Since the Libertarians have a snowball's chance in hell of becoming "the administration", you damn well better hope the GOP is allowed to further it's privatization agenda.

 

[ScottyB]

I don't pay SS. I also don't work.

 

[DWray]

Originally posted by: dirtboy

I'm economically burdened... 16% to SS. Figure 25% Federal and 9.3% state taxes, that means I'm paying 50.3% of my gross, whereas a non-self employed person would be only paying 42.3%. BIG difference in my spending ability.

Uh, just because my employer pays half of my SS directly and it doesn't show up under gross wages on my income statement does not mean my employer "forgot" to take it into account when we settled on my salary.

That said, getting elected to Congress would allow you to escape the SS pyramid scheme.

 

[LeeTJ]

Originally posted by: dirtboy

Originally posted by: FeathersMcGraw
Unless you're self-employed, I don't see how it's possible to opt out. I certainly don't know of any payroll departments that would be willing to not deduct them.

Self employed pay double, for themselves and as the employer.

Incorporate, then the corporation pays you a minimum salary, just enough to make you eligible for SS benefits when you retire (that is IF you believe it will be available then) and then just pay your self in DIVIDENDS and not in SALARY, You pay NO SS on Divident income.

talk to your CPA, he will be able to better guide you.

 

[LeeTJ]

I got the last word in?? how?

 

[dirtboy]

Originally posted by: vi_edit

I'm economically burdened... 16% to SS. Figure 25% Federal and 9.3% state taxes, that means I'm paying 50.3% of my gross, whereas a non-self employed person would be only paying 42.3%. BIG difference in my spending ability.

Well then you aren't working your deductions well enough.

You're an idiot.

 

[burnedout]

From what I understand, there was a time when one could opt out of Social Security if they were:

1. Active duty military

2. Government employee.

I think the cutoff was around 1972 or so. A friend of our family works for the postal service and does not pay into Social Security. According to him, he was grandfathered in.

 

[Mday]

Originally posted by: FFMCobalt
Oh that's easy. Just renounce your U.S. citizenship at your local state capitol (or wherever you have to go to do it). Then work here in the U.S. like the sh|tloads of illegals that don't bother becoming citizens. You won't have to pay taxes either!! YAY!

not being a citizen doesnt mean you dont pay taxes. if you're an illegal immigrant, that's a different matter.

 

[LeeTJ]

Originally posted by: burnedout
From what I understand, there was a time when one could opt out of Social Security if they were:

1. Active duty military

2. Government employee.

I think the cutoff was around 1972 or so. A friend of our family works for the postal service and does not pay into Social Security. According to him, he was grandfathered in.

that sounds about right. i remember my dad telling me about the choice he had to make back then too. same thing happened to ministers/rabbis/priests etc that happened to active military etc.

let's face it, SS is a tax whether they want to call it that or not.

 

[Splork]

Originally posted by: vi_edit

Originally posted by: bunker
AFAIK it's not legal to 'opt out'.

I know that there was a town or community or something down in Texas that "opted" out of social security and set up their own community retirement fund. How they did it is beyond me. I also believe that some government or municipal employees can skip out of SS and pay into a municipal retirement fund.

San Marcos, TX? Does that ring a bell?

-sp

 

[przero]

The problem would be that when you turn 65 you would not be eligible for "Medi-Care". And at that age private health insurance is outrageous!

 

[Konigin]

I've never heard of it...

My Dad, government employee, paid into SS for over 20 years, like 2 years ago they told him he couldn't collect on anything he had paid out while working as a government employee.

 

[vi edit]

You're an idiot.

Oh really? Can a non-self imployed person write off their vehicle for business expenses? Can a non-self employed person write off their home as an expense? How about depreciating assests? How about writing off business expenses like food and furniture?

If you are a good self employed businesman you will acheive far more financial freedom than any person that is the slave to someone else. If you aren't, then...well you aren't.

End of case.

If you aren't doing better than a non self employed person then it's YOUR problem.

Deal with it.

Who's the idiot?

And yes, I HAVE filed 1099's for the last several years.