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I became a "minister" 3 decades ago and withdrew from the system. It requires the filing of a "CO" status.
And are you now or have you ever actually been a minister? A position in which sect that is doctrinally opposed to social insurance is it that you based your claim upon?
While not easy, you can "opt" out of the "system". Millions have.
I know you are still researching the answer. I am sure you found the same answer as the rest of us.
You can NOT opt out of SS.
There is only one little loophole and that is based on religious beliefs. Ah yea the religion thing. The only business organization as corrupt as the govt. Anyway, opting out of SS based on religion is very difficult, hard to prove and according to the IRS site, almost assures an audit.
Yes the Govt created yet another system where we have limited or no freedom.
You can not opt out like Greatday says but why bother when it is less then $25 per average pay check and it does provide something to fall back on in retirement.
It does provide a system that does not encourage saving but not because they tax the interest. In fact for the past 5-8??? years or so they dont even tax interest if it is less then $300. But you are right, interest should NOT be taxed. Neither should lottery winnings or gambling winnings, just like in Canada.
Liberty you know I hate this govt as much as you do, more then the muslims do, and more then Bin Ladin does. And I agree that everything this govt does is to keep their foot on the American people's necks so they can not ever get up and fight back. But I still can not see how SS keeps us down.
Govt should have little to no role in controlling we the peons...oops I keep doing that. I mean we the people. But one role they should be playing is protecting the economy and I shutter to wonder what it would be like when billions of retirees walk out the door of their employment for the last time because they are just physically unable to work another day. I just believe there should be something in place to fix that problem.
Who will take care of them? You can not penalize a person because they were too dumb to save in their younger years. You can not penalize a person for being uneducated and working a life time of low paying jobs with no benifits.
So what's the answer? Mandate an employer sponsered retirement savings plan for ALL employers no matter how big or small? At least it keeps the govt out of it. Then I said "mandate" which puts yet another govt control on us.
Who knows............................................
I would like people to move off this system. The amount of entitlements coming is an example of what happens when baby boomers retire and the system can not support it. So higher taxes might be needed, also government has suggested people who retire who are currently in there 30's and 40's might only be able to get 70% of their amount paid in. I believe people should save, and taking responsiblity is needed in society. But those who have problems or issues charities should replace government services for those who have hard time. Point is young people should opt out if they want too and lets see what wins over person responsiblity or government abuse and control. I bet government will go bankrupt before the individual.
fyi-- this tax saving technique is only beneficial to those with considerable wealth. a trust will avoid probate for anyone (a nice benefit) but will only save money for some...
I would like people to move off this system. The amount of entitlements coming is an example of what happens when baby boomers retire and the system can not support it.
If you want to set yourself up as an advisor to other people with respect to Social Security, it would be best to learn a few things about it first. For instance, even under the pessimistic economic assumptions used by the SS Trustees and assuming that in the interim we make no changes at all to the system, the SS retirement fund will be able to pay out 100% of everyone's scheduled retirement benefits at least through 2042. I say at least because, for example, the 1998 projection had set that date at 2032. Thus, a decade went by during which we in fact got no closer to that projected date at all. Such effects are likely to continue.
Quote:
Originally Posted by LibertyandJusticeforAll
...also government has suggested people who retire who are currently in there 30's and 40's might only be able to get 70% of their amount paid in.
False. Benefits are not related to the amount you paid in. They are based on how long you worked and the level of income you received for that work. What you are trying to report is that after the date projected (e.g., 2042), the SS system would not by current law be able to pay 100% of scheduled benefits. The current estimate is that SS could afford to pay 78% of scheduled benefits. Because of the way scheduled benefits themselves are calculated, 78% of scheduled benefits in 2043 would be worth considerably more than what 100% of scheduled benefits are worth today.
Quote:
Originally Posted by LibertyandJusticeforAll
I believe people should save, and taking responsiblity is needed in society.
Of course people should save if they have the capacity to do so. And one of the responsibilities that clearly does need to be taken in society is that of learning what one is talking about before one goes around preaching on the matter...
Question
Am I required to participate in the Social Security program?
Answer
Participation in the Social Security program is mandatory with respect to the payment of Social Security taxes. Unless specifically exempt by law, everyone working in the United States is required to pay Social Security taxes on earnings from employment. These earnings are subject to Social Security tax without regard to the citizenship or place of residence of either the employer or the employee.
The authority for the collection of taxes, including Social Security taxes, is found in the Internal Revenue Code, not the Social Security Act. (See sections 3101(a) and 3102(a) of the Code.) We suggest that you direct any questions you may have about tax liability to that Agency for consideration. The address is:
Internal Revenue Service
1111 Constitution Avenue NW
Washington, D.C. 20224.
Social Security will be bankrupt before I reach retirement age...so how does this help me?
So, the SSN is used as a tagging/tracking number...not actually for the purpose it was intended for.
I've never seen a Will that requires a SSN, and a SSN is not required to open a bank account for a minor.
SSNs have all kinds of purposes. It was my college ID number as well as my drivers license number, although privacy concerns are changing that. Its still my student loan account number as well.
When I had my will drawn up, the attorney asked for all SSNs of the people mentioned. I have no idea if it is actually required, but it makes things more certain.
I'd love to opt out of the entire SS system. I'd rather keep the money I give into it to invest as I see fit. I really despise the whole SS setup to be honest, and resent being forced to pay into it.
Social Security will be bankrupt before I reach retirement age...so how does this help me?
According to whom? Bush??? There isn't a word he's ever said on the topic that was both relevant and accurate. Social Security is not going bankrupt. Period. If the system is left exactly as it is today, there will be shortfalls of funds against 100% of scheduled benefits payments beginning sometime in the second half of this century. Those shortfalls are not large considering the amount of time that is left in which to deal with them. Keep in mind that the much larger problem of the Baby Boomer Bulge was resolved with a crummy 25 years worth of lead-time. At some point after Bush has left for an ignominious exile, the time will come to sit down and look calmly at the extent of help that people working today would like to extend to people who will be retired around 2060 or so, and how much of their own retirement burdens that generation itself should shoulder across its working life. At that point, some revisions will be decided upon and implemented, just as they have been on many occasions in the past. There is simply no reason at all why anyone alive and working today should have any expectation of receiving anything less than 100% of whatever his or her scheduled SS retirement benefits will end up being. So save your blood pressure and do your fretting over some other retirement-related concern...maybe Medicare, or an employment-based pension, or the level of personal savings you will be able to sustain. All of those are more likely to fail you in the end than is Social Security...
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