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That's the problem.. There is NO CASH... It's all IUO's and paper...
I think about that for my girls. They will be funding a program where there is NO CHANCE they will get what they pay in - they will get royally screwed.
No.... some of us are state government workers or teachers with our own state pensions and do not pay in to SS.
I taught in Kansas for 28 years an my SS check, even without two COLAs in a row, is still about 1/3 larger than my Kansas retirement check. I am certainly glad that I have both checks each month.
I think about that for my girls. They will be funding a program where there is NO CHANCE they will get what they pay in - they will get royally screwed.
I wonder how many people know that there are IOUs in the SS fund box for over$3 trillion dollars. Yep, the good old Congress spent the "surplus" each year just like it was taxes for over 50 years before anybody seemed to realize it. Now they can take their hands out of the fund and there will be a surplus after this year or next.
The Congress has pulled the wool over our eyes for too long. When they started instead of increasing income taxes to pay out money in foreign aid to have friends they just started spending that "surplus" and never stopped.
Got it at birth, the "normal" process. What to do?
No, I got my SSN when I was a teenager. Then, when I opted out, that number was ... "cancelled"... and I received a "Taxpayer Identification number" ... similar to the type of number a business gets.
Being a minister or self-employed does NOT get you out of paying into social security! The only way you don't have to pay into SS is to be a government employee.
I do not pay into SS.
I file a schedule "C" with a 1040.
The bottom line on the front of the schedule "C" is 0.
I pay very little into SS. It is very simple to minimize how much you pay into SS if you are a business owner. You do not have to pay into SS on any profits you take from your business. You could technically avoid it altogether, but then you skrew yourself out of contributing up the max of $49,000 into your 401k per year. The tax shelter outweights the savings from paying into SS, so it doesn't make sense to take $0 in wages.
Those who work w2 jobs have it worst. They have to pay into SS on all their lower earnings (up to $90K or so).
I pay very little into SS. It is very simple to minimize how much you pay into SS if you are a business owner. You do not have to pay into SS on any profits you take from your business. You could technically avoid it altogether, but then you skrew yourself out of contributing up the max of $49,000 into your 401k per year. The tax shelter outweights the savings from paying into SS, so it doesn't make sense to take $0 in wages.
Those who work w2 jobs have it worst. They have to pay into SS on all their lower earnings (up to $90K or so).
You might want to consider one... that's like 50% savings (or whatever tax bracket you fall into) on $49,000!
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