Opting out of Social Security?

lendaddy · 03-15-2004, 07:55 AM

I heard this on the radio the other day that you could legally opt out of the SSI system. Does anyone know anything about this? This was on the Dave Ramsey show(not a fan, it was on). If this is legit, why is this the first I've heard of it? And why wouldn't everyone do it? I am obviously missing something here.

RickM · RickM's Garage

If you do can you get a refund? lol

If so, I'll be looking for that retirement place in Motion's thread real soon.

lendaddy · 03-15-2004, 08:03 AM

Said no refund

Just out. Good enough for me!

Paul T · 03-15-2004, 08:47 AM

I've heard it proposed before, but it's not law as far as I know, and likely never will be. I like the idea though, I'd be out in a heartbeat!

SilverPoly · 03-15-2004, 09:18 AM

That's news to me. Though it doesn't really matter because at this rate there won't be any social security when the time comes for me to collect it.

Better put away some dinero for the future.

vash · vash's Garage

maybe they just let you out of the "collection" part. you still have to pay in....haha

we are currently paying in just to cover the people collecting right now right? if we all bail out, what happens to them? personally, i am eyeballing my $900 per month. lots of big plans for all that money. babes, cars, cigars....

juanbenae · juanbenae's Garage

i have a public job and have not been paying into it for nearly 10 years. i still get a statement every year and will just qualify for less. instead i pay and employer contributes to a public employees system. i can start collecting that @ double nickles.

i will be long dead by 62 so im out now and not looking back

lendaddy · 03-15-2004, 11:29 AM

Yea, I never understood that. My buddy is a detective and they don't pay either. They have their own program that unless I am mistaken invests in the private sector. Huh, imagine that.

tabs · 03-15-2004, 11:31 AM

Just wait for the CA Legislature to start tapping into that Public Employees Pension fund...Also the School Teachers Pension fund should be on the look out for a raid on their funds as well. Just put it all into the General fund and CA will pay the teachers and civil servants retirment as they go ala SS.

vash · vash's Garage

tabs, davis tried to tap into calpers. he failed. it isnt really CA money, just us lowly california workers all chipping into the pot. a really big pot. no way. anyways, really dumb to put all the eggs into one basket.

Moses · 01:01 PM

Quote:

Originally posted by tabs
Just wait for the CA Legislature to start tapping into that Public Employees Pension fund...

Quoted previously by lendaddy:

"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury, with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship."
-- Alexander Tytler

This is an odd twist with legislators tapping the peoples pension fund. If these legislators were Teamsters, they would go to jail for even suggesting it.

Bill Douglas · 03-15-2004, 01:08 PM

I think I've got less chance of loosing the money than smart ass money mangers and retirement funds, so I buy properties as my retirement funds (retirement fun), plus the returns are WAY better.

dd74 · 03-15-2004, 04:08 PM

Quote:

Originally posted by Bill Douglas
I think I've got less chance of loosing the money than smart ass money mangers and retirement funds, so I buy properties as my retirement funds (retirement fun), plus the returns are WAY better.

So people in NZ don't have to pay social security?

Bill Douglas · 03-15-2004, 05:02 PM

A certain amount of our taxes go to social security to be handed out as unemployment benefits, old age pensions etc. But I don't trust the goverment, or our economy, to have the money to hand out to me when I'm over 65, so I'm doing some good and bad http://moneycentral.msn.com/scripts/webquote.dll?iPage=qd&Symbol=lthu investments of my own so I've got plenty of money to spend on petrol and good wine when I'm an old fool.

But in answer to you question, yup, it's about the same system as you guys and the UK.

Porsche-O-Phile · Porsche-O-Phile's Garage

I wouldn't mind opting out either - I suspect it's only a matter of time before the politicians start grubbing their dirty little paws into it anyway. Cynical, I know, but I'd rather decide for myself how to invest MY money, thank you very much. A 10% annual return on an IRA or 401K sounds a hell of a lot better than a vulnerable political pseudo-slush-fund to me any day!