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Thread: Can I opt out of paying Social Security and invest on my own?

  1. #1

    Can I opt out of paying Social Security and invest on my own?

    The first way to get out of paying into Social Security is by being a member of the clergy, according to Joe Elsasser, a financial planner who specializes in Social Security and other related financial topics. Elsasser strongly advises against this for reasons to be discussed later in this column. However, clergy can opt out of Social Security by filing IRS Form 4361, which is the Application for Exemption From Self-Employment Tax for Use by Minister, Members of Religious Orders and Christian Science Practitioners.

    There's another very limited way to avoid paying into Social Security, says Craig Copeland, senior researcher for the Employee Benefit Research Institute. Some federal workers covered under the old retirement plan many of whom are approaching retirement age now could avoid paying in, he says. New and newer federal employees, though, must pay into Social Security, Copeland says.

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  3. #2
    I'd rather pay and keep my dignity.

  4. #3
    You could stop working as a W-4 wage slave.
    Peacefully Engaged in Domestic Economic Terrorism Since 2004.

    Audit Fort Knox so we will know how much Tungsten backs the FRN!

  5. #4
    The Amish are allowed to opt out of Social Security

  6. #5
    If RP has his wits about him he will promote opting out of SS during his 2112 campaign. By allowing the younger workers to opt out it will help to kill the SS program by attrition without freaking out the elderly that have paid in for most of their lives. Also if a means test was enacted and all retirees were given a simple means test to determine if they really need a lifetime payout of SS it would limit the use of SS.. If they are financially secure simply refund what they have paid in and be done with it. At time all of first employment for youg people simply do away with SS. Before you know it SS would be a thing of the past.

  7. #6
    I have heard of teachers being able to opt-out in some states, but then, they are just leaching off a state tax payer.

  8. #7
    Quote Originally Posted by thedude View Post
    I'd rather pay and keep my dignity.
    You can create the church of the flying spaguetti. What matters is using the Leviathan own rules against itself.

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