Religiously opting out of social security? - KCSR

evilpoptart · 2016-01-29, 07:22 AM

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?

evilpoptart · 2016-01-29, 07:50 AM

I "threaded" before I "googled". Looks like you essentially have to be clergy, which I am not.

Oh well.

Karlen · 2016-01-29, 08:36 AM

You're looney

mild83 · 2016-01-29, 08:49 AM

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

Ricerking13 · 2016-01-29, 12:19 PM

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.

phreakdna · 2016-02-03, 01:36 PM

did you just start a thread to ask for advice on committing a felony?

Karlen · 2016-02-03, 01:45 PM

Quote:

Originally Posted by phreakdna

did you just start a thread to ask for advice on committing a felony?

mild83 · 2016-02-03, 02:06 PM

Sounds like OP just thought it was optional.

Doubt he's trying to intentional slide one past Uncle Sam.

phreakdna · 2016-02-03, 03:27 PM

Quote:

Originally Posted by mild83

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.

roman.GSR · 2016-02-03, 04:05 PM

When I was a kid I thought auto insurance was optional I was like I dont need this shyt

phreakdna · 2016-02-03, 04:14 PM

Quote:

Originally Posted by roman.GSR

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?

mild83 · 2016-02-03, 04:18 PM

Quote:

Originally Posted by phreakdna

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.

nist7seven · 2016-02-03, 09:22 PM

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.

evilpoptart · 2016-02-04, 02:56 PM

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.

2016-01-29, 07:22 AM	#1
evilpoptart Join Date: Feb 2011 Location: Michael Jackson's House Posts: 2,710 Post Thanks / Like Thanks (Given): 18 Thanks (Received): 78 Likes (Given): 167 Likes (Received): 491 Dislikes (Given): 5 Dislikes (Received): 15	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? __________________ Poops on baby changing stations...

2016-01-29, 07:50 AM	#2
evilpoptart Join Date: Feb 2011 Location: Michael Jackson's House Posts: 2,710 Post Thanks / Like Thanks (Given): 18 Thanks (Received): 78 Likes (Given): 167 Likes (Received): 491 Dislikes (Given): 5 Dislikes (Received): 15	I "threaded" before I "googled". Looks like you essentially have to be clergy, which I am not. Oh well. __________________ Poops on baby changing stations...

2016-01-29, 12:19 PM	#5
Ricerking13 Join Date: Jun 2004 Location: Scottsdale, AZ Posts: 50,936 Post Thanks / Like	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. __________________ 2015 Genesis Coupe Ultimate

2016-02-03, 01:36 PM	#6
phreakdna Join Date: Sep 2008 Location: Leawood Posts: 6,912 Post Thanks / Like Thanks (Given): 163 Thanks (Received): 118 Likes (Given): 409 Likes (Received): 637 Dislikes (Given): 8 Dislikes (Received): 36	did you just start a thread to ask for advice on committing a felony? __________________ Our progress in degeneracy appears to me to be pretty rapid. As a nation, we began by declaring that ”all men are created equal.” We now practically read it “all men are created equal, except negroes” When the Know-Nothings get control, it will read “all men are created equal, except negroes, and foreigners, and Catholics.” When it comes to this I should prefer emigrating to some country where they make no pretence of loving liberty -- to Russia, for instance, where despotism can be taken pure, and without the base alloy of hypocricy. - Lincoln

2016-02-03, 04:05 PM	#10
roman.GSR Join Date: Feb 2008 Location: indep/UMKC Posts: 7,453 Post Thanks / Like Thanks (Given): 20 Thanks (Received): 55 Likes (Given): 294 Likes (Received): 391 Dislikes (Given): 52 Dislikes (Received): 54	When I was a kid I thought auto insurance was optional I was like I dont need this shyt __________________ 1989 Mercedes 260E-SOLD 1997 Honda Civic-SOLD 2008 Kawasaki NinjaStolen /RECOVERED Chevy Trailblazer- Snow mobile

2016-01-29, 08:36 AM	#3
Karlen Join Date: Mar 2007 Location: Manhattan Posts: 32,552 Post Thanks / Like Thanks (Given): 887 Thanks (Received): 482 Likes (Given): 4078 Likes (Received): 4371 Dislikes (Given): 99 Dislikes (Received): 169	You're looney

2016-01-29, 08:49 AM	#4
mild83 Join Date: Jan 2010 Location: cabrini green Posts: 14,805 Post Thanks / Like Thanks (Given): 943 Thanks (Received): 343 Likes (Given): 6571 Likes (Received): 2799 Dislikes (Given): 133 Dislikes (Received): 138	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

2016-02-03, 02:06 PM	#8
mild83 Join Date: Jan 2010 Location: cabrini green Posts: 14,805 Post Thanks / Like Thanks (Given): 943 Thanks (Received): 343 Likes (Given): 6571 Likes (Received): 2799 Dislikes (Given): 133 Dislikes (Received): 138	Sounds like OP just thought it was optional. Doubt he's trying to intentional slide one past Uncle Sam.

2016-02-04, 02:56 PM	#14
evilpoptart Join Date: Feb 2011 Location: Michael Jackson's House Posts: 2,710 Post Thanks / Like Thanks (Given): 18 Thanks (Received): 78 Likes (Given): 167 Likes (Received): 491 Dislikes (Given): 5 Dislikes (Received): 15	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. __________________ Poops on baby changing stations...