Is it possible to opt out of Social Security?

Question

Is it possible to opt out of Social Security? Id really like to do this... I am 110% sure I can manage my money better than the Feds.

Answer 1

No, your Social Security payments are supporting participants or recipients.  Just like some 30-40 years from now you will receive the benefits of working people

Answer 2

Yes, but only for religious reasons.  Pastors/preachers do not have to pay social security taxes, but if they don't, you know they cannot receive the "pension" at retirement.  

A parent can refuse to get a social security number for their children on religious grounds, but it is getting more and more difficult.  Some states now automatically assign a number to every child born in their state.  

I don't know if you can remove yourself from the social security system any other way.

I've added the link to the IRS page on opting out.  Apparently there are a couple of religion-based ways, but it isn't something you can do on a whim.  You would seriously have to convert/have a moral/religious objection.  It is definitely something you would probably want to consult a lawyer about.

I think there are some business means of reducing your SS taxes, but I don't think you can entirely eliminate them that way.

Answer 3

Your list of exceptions is correct, but no, if you became a priest you couldn't opt out since the religious exemption is only if that religion as a group refuses to accept the benefits - some religions qualify, Catholics no, under the religious opposition exemption.  And even if you did qualify, your side jobs would be subject to ss unless they were also for employers who met the religious opposition exception - note that is says "BOTH the employer and employee...."

Answer 4

This should be acceptable. They should give our tax money back.

Answer 5

You can opt out of receiving SS, but cannot opt out of paying in to SS.

Whether you have to file and whether you have to pay in depends on income and type of income.  Priests aren't exempt from taxation.

Answer 6

No not possible. Interestingly enough, Congress exempted themselves. There has been talk of allowing deferments into private accounts. But the liberals will have none of that. You know, government has to take care of the I want my Mommy generation

Answer 7

no

Answer 8

Become an ordained minister in a recognized religious organization or a Christian Science Practitioner and you can opt out for reasons of conscience for your income from that source only.  Since your motivation seems to be economic, you would have to lie on your application.

Join the Amish and become a farmer.

Become a schoolteacher covered by a different retirement plan.

A lot of people might think they would be better off if they could opt out of Social Security.  Most of the rest of us think the cost of welfare for indigent old people would much higher if they got their wish.

Answer 9

Unfortunately not, unless you run for office and change the laws.  You'd have my vote.

Answer 10

Well, you've seemed to answer your own question.

No, unless you are one of those exceptions you list.

The social security is a tax, and you just can't opt out of being taxed. Even if you can handle the money better than the government.