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Unread 2016-01-29, 07:22 AM   #1
evilpoptart
 
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Default Religiously opting out of social security?

It's been a while now since I heard about it, but this may be the year that the wife and I do it. When we got our W2's we were just sick when we saw how much we put into social security that we will probably never see again.

Has anyone else done it? Do you guys think that the money will last until the "younger" crowd right now is at a retirement age? I just know that we could get a better ROI in the private sector. Any major tax implications that I haven't addressed?
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Unread 2016-01-29, 07:50 AM   #2
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I "threaded" before I "googled". Looks like you essentially have to be clergy, which I am not.

Oh well.
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Unread 2016-01-29, 08:36 AM   #3
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You're looney
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Unread 2016-01-29, 08:49 AM   #4
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I was going to say, The Man has you pinned down on that one.

As for the other question, I think there will be some benefit available when we retire, but nothing like it has been in the past.

Trump '16
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Unread 2016-01-29, 12:19 PM   #5
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Social Security is a pretty good deal for most people. Most don't have the ability to grow that money to a better payout, safely, than what the government offers. I don't think it'd be wise to opt out financially.
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Unread 2016-02-03, 01:36 PM   #6
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did you just start a thread to ask for advice on committing a felony?
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Unread 2016-02-03, 01:45 PM   #7
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did you just start a thread to ask for advice on committing a felony?
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Unread 2016-02-03, 02:06 PM   #8
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Sounds like OP just thought it was optional.

Doubt he's trying to intentional slide one past Uncle Sam.
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Unread 2016-02-03, 03:27 PM   #9
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Sounds like OP just thought it was optional.

Doubt he's trying to intentional slide one past Uncle Sam.
perhaps, but given that there are only a couple religions that actual conflict with Social Security based on their stated belief systems and that his stated interested peaked because he saw how much money he's paying in and believes he could put to better use, its hard to take a "I have a strong, internal religious belief that is conflicted by paying into the SS system" statement seriously. and if that's not his actual, closely-held religious belief (the Hobby Lobby standard) then he'd be committing a felony to report that on his taxes...

if SS was optional, very few would pay in because we're not a nation of savers, and the entire thing would collapse under its own fiscal burden within a year or two.
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Unread 2016-02-03, 04:05 PM   #10
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When I was a kid I thought auto insurance was optional I was like I dont need this shyt
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Unread 2016-02-03, 04:14 PM   #11
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When I was a kid I thought auto insurance was optional I was like I dont need this shyt
seriously, right? what asshole plans on crashing his car?
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Unread 2016-02-03, 04:18 PM   #12
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perhaps, but given that there are only a couple religions that actual conflict with Social Security based on their stated belief systems and that his stated interested peaked because he saw how much money he's paying in and believes he could put to better use, its hard to take a "I have a strong, internal religious belief that is conflicted by paying into the SS system" statement seriously. and if that's not his actual, closely-held religious belief (the Hobby Lobby standard) then he'd be committing a felony to report that on his taxes...

if SS was optional, very few would pay in because we're not a nation of savers, and the entire thing would collapse under its own fiscal burden within a year or two.
Derp.

I totally misunderstood the context of "religiously." I took it to meant that he would religiously not contribute. Not as trying to get a religious exemption.
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Unread 2016-02-03, 09:22 PM   #13
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LOL....and not to mention they have a income ceiling: https://www.ssa.gov/planners/maxtax.html

Quote:
When you have wages or self-employment income that is covered by Social Security, you pay Social Security taxes each year up to a maximum amount that is set by law. That amount has changed frequently over the years.

For 2016, the maximum amount of taxable earnings is $118,500.
Though this may change of course....depending on future political direction...but otherwise yeah no....cannot get exempt from SS taxes.
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Unread 2016-02-04, 02:56 PM   #14
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lol. I wasn't trying to commit a felony. Was just trying to take advantage of something that I thought was available. Sometimes it takes a kick in the pants like seeing the numbers to make you take action.
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