Should I Opt-Out of Paying Into Social Security?
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- Опубліковано 2 жов 2024
- Should I Opt-Out of Paying Into Social Security?
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My first response was "You can out of social security? You're crazy... Tell me more."
Same!!
Ok. Here’s more….
Have to save early as possible to create your own income at retirement. Includes saving and paying insurance premiums to cover your own healthcare.disability,and survival benefits for your kids including spouse support for life to avoid poverty.
Same here man!
Sorry only for people who make a living spreading ancient fairy tales. Why do they get special treatment again?
He needs to add up the multiple insurance premiums needed to replace SS benefits, plus the equivalent in retirement savings needed to match SS life time payouts, plus the money left behind in social security contributions that his employer makes on his behalf.
If you make A LOT of money then social security is not the best deal but for the average person you will definitely get more from SS than what you are putting in.
I'm almost 40, been working since I was 15. I would opt out today if given the opportunity
For your 6.2%, your employer pays 6.2%
I retired at 62 at $3700/mo
@@aolvaar8792 Yeah, I have known a handful of people who opted out and they all regretted it in later life. I wouldn't opt out, when I retire I want that money and when I plan my retirement I don't use my SS earnings when calculate how much I need to save that way I save more than I need to in my 401k.
@@aolvaar8792 would have been crazy or opt out of that!!
@@aolvaar8792 how does someone determine how much you will receive from social security when you retire.
@@NC746 I used get a yearly letter.
They need to make this an option for everyone
As an atheist, I'm feeling a new love for God after hearing you can do this...
😂
Become a pastor and you can stop paying into social security. :)
@@cutehumor Become a public school teacher and you don't pay into SS. Teach religion at schools and you have your answer as well...:):):)
Lol
@@cutehumor what if you have a regular job?
Anyone else click on this just to see how they could opt out of social security?
Nope.
If you’re thinking about it now it’s too late and you’re broke.
Lying that you have a religious belief to do so is something only you can live with.
@@blackworldtraveler3711 Lot of assumptions there.
@@blackworldtraveler3711 too late?? I’m 26 and that’s the reason I clicked on this video 😂
@@om617yota8
If that was true why did you delete your other reply?
@@blackworldtraveler3711 I didn't delete anything, and don't remember making a reply?
Hilarious - the dude who brings debt into his marriage is telling his debt free spouse - Ive always been a numbers guy - ahahahahah
You're right, all men shouldn't marry until all their debt is settled. I know me and my buddies aren't getting married till our mid thirties when our money is right. We don't care what our girlfriends have to say in this matter.
We all tell other men to never consider marrying women with debt too. She's got to pay all that off before you consider buying a ring.
@@cortezquetz6848 Men can pay their debts back. It's worse for women to have debt because they earn less and expect someone else to pay for it.
@@handleyobusiness That's my point. Gender equality bro
Negative numbers are numbers…
Interesting discussion, it's nice to hear something different.
If I could opt out of social security I would do it in a heartbeat. Millenials won’t be able to benefit from it anyway was why pay into it?
You must have been an orphan with no family.
All ages.....widows, widowers, and dependent parents or children of deceased workers are part of the Social Security program for survivor benefits and disability including millennials and members of family.
@@blackworldtraveler3711 She's saying it will be so broke it won't be there when she retires.
all you need is a Mennonite clergy member to sign form 4029
but it has to be from a Mennonite church established before 1950
I didn’t even know you could opt out of social security.
Police and Fire in my City can opt out.
My wife and I didn't, $5000/mo
I think teachers in Texas are outside social security.
That system will be in flames in a decade. It's just throwing money away.
I didn’t either.
The average person can’t.
I wish I could do this. Social Security tax is a huge waste of my paycheck
I’ve heard too many people say this in the pad who are thankful for it now especially surviving spouse and disabled,
When married guys I know say this I remind them that they are married past 40 with a lot of debt, ignoring their health,and little to nothing saved or invested.
@Ryan Roach
And people I don’t know.
I just described more than half the country.
@Ryan Roach Where did BWT say he LOVED Social Security? He just pointed out what he as observed around him. And he's accurate in his observations. BWT isn't the problem. Stop thinking you are the arbiter of who is an American.
You say this now... but are you prepared to save that much and more for your own retirement?
all you need to do is join a Mennonite church established before 1950
and have a clergy member to sign form 4029
If you opt out you should up your 15% retirement investing to at minimum 20%
Exactly! I knew a handful people who opted out and they are all over 60 now and they told me it was one of their biggest regrets.
More than that.
More than just retirement income.
Have to cover full premiums for health insurance and Medicare including lifetime spousal support.
Maybe a much larger emergency fund and added insurance premium for things like disability.
@@matthewmaurin9054 The amount your average person pays in over their lifetime would make them multimillionaires if was instead invested. Social security is trash. the problem is most people are stupid and wouldn't invest the money if they could opt out
@@zelrinth513 that’s the issue right there, the average American is too financially ignorant to know what to do
Well considering Social Security tax is 6.2% on your end really all of that should go towards retirement.
Americans generally can’t be relied upon to save for retirement on their own, thus SS or pensions need to exist or there will be millions of destitute retirees. It’s the sad reality.
I agree with you. That's how Social Security came about.
Yes! Exactly! And ss was designed as a supplement, so why do a lot of retirees only have ss? Because they didn’t save on their own. 🤷🏻♂️
That's their business.
The government doesn't have the right to shove a retirement plan down people's throats.
People need a way to break free.
SS it's that thing they make me pay into that I expect will go bankrupt & I will likely get $0 back in retirement. I didn't know anyone could opt out.
Very few can opt out.
@@blackworldtraveler3711 actually anyone can and it's easy
@@aKjohn8798
You said you didn’t even know. It’s been a month since you posted.
Why are you still paying into it if it’s easy and anyone can do it?
Anyway the company you work for has to pay in an equal amount into your social security as well and that stops once you opt out so doubt they will complain.
Better start saving for medical cost,disability, and spousal survival benefit too because you lose that as well.
@@blackworldtraveler3711 why would I back out of something I believe in?
@@aKjohn8798
Wouldn’t know. My social security and pension wasn’t even in my planning and I’m retired debt free at 50.
Tell your friends and family how easy it is I guess.
I find this interesting, I doubt I’ll ever get social security in my life time
same here, the system is going to collapse long before we all retire
@@TheRU152 No it's not. It's paid for by its own tax.
It’s a Ponzi scheme.
Ken, once again, had so much insight on this call. The co host structure simply does not work well on many of these calls. Does Ken ever take the lead on any question that doesn't involve job/career?
“I’m a numbers guy” and “I’m a youth pastor” bwahaha I’m an accountant who volunteered in youth ministry for over a decade. Met many wonderful youth pastors but the number I would trust to balance a checkbook is zero.
I'm working on building my stock portfolio large where I can live off the passive income. And collecting SS is a choice, not a necessity.
How do you even do that?
@@markmyjak7739 which pays annually? I do the same
If only we all could get out of Social Security.
I am a right wing extremist and never liked SS . However , 90% of people would never save a dime unless SS forced them to, Guess who would have to pay their bills when they get too old and didn't save any money ?
you need a clergy member to sign form 4029
after joining a Mennonite church established before 1950
When working for a school system, I didn't have the option either, they took out about as much, but at least it was my money
Teachers don't pay into social security and then when they retire they cry and complain about WEP & GPO
So question: how good is that teacher retirement pension paycheck anyway?😕
If it's really good, then you shouldn't need social security on top of it.
And don't start the "I worked elsewhere and paid into social security at those jobs" statements. Did you do that for 35 years?did you work as a teacher and elsewhere and pay into social security for 35 years? If so WEP wouldn't apply to you and we wouldn't be having this conversation
Everyone should be able to opt out of Social Security!
IKR?!
And there would be old people starving in the street. Does wonderful things to a stable society.
@@bindingcurve Dont care they are responsible for their actions let me opt out dont cry for me if i go broke at 90.
@@bindingcurve lol you don't really believe that, do you?
Letting people keep more of their own money means they will have a better opportunity to save and invest it.
And for those that don't, charities and churches will pick up the slack.
@@mattcollins4550 churches and charities don't support drug habits which social security and SSI does unfortunatly
Basically the best compromise is to opt out of social security but buy anything that social security would cover via the private sector
Look at the #'s
Your ~27 yr old, wife, 2.5 children and you get your forearms eaten off in a woodchipper.
Let say ~$3k/mo for life vs. NOTHING, cause you wanted to save 6.2%
@@aolvaar8792 exactly!!! I personally wouldn’t do it .
@@aolvaar8792 right! For the amount of SS taken out of your paycheck, what kind of life insurance, disability insurance AND retirement fund will you be able to get? You’d have to pay way more than that each month to buy something decent. Plus wouldn’t you be losing the matching amount from your employer? They wouldn’t be paying into SS for you if you opt out, right?
If private-sector, for-profit disability insurance resembles private-sector, for-profit health insurance in ANY way, I'm staying far away from it.
There's gotta be another way to do this...*goes to Google*
all you need to do is join a Mennonite church established before 1950
and have a clergy member to sign form 4029
All the sudden I'm very interested in becoming a Pastor.
I wish i could opt out social security taxes
all you need to do is join a Mennonite church established before 1950
and have a clergy member to sign form 4029
I have never thought of ss as an investment, but a tax. A forced tax, that Ill never see benefits from. I mostly try not to think about it. But given the national debt is what 28 Trillion now, and rising. This zit is about to pop. If I see any returns Ill be surprised.
If ss runs out they will just rob it from somewhere else. I’m confident it will be there when I retire I’m currently 39 however I invest pretty heavily in other retirement accounts so I’m not concerned either way
It’s a social tax that many are benefiting from.
Basically an insurance program.
If you think you will never benefit and still broke at 60 look in the mirror.
Saying things like “forced tax” and “ponzu” in forums all the time does nothing.
@@truckingmoney485 SS is funded by 6.2%/6.2% contributions, Pay As You Go
It is the only source of income for ~30 million retirees.
My Father's quote: "you can't reason with a starving person,
Only food will do"
this
I love Dave, but my goodness does he cherry pick. You could EASILY justify the Social Security system using many biblical principles.
Mark 10:25
He adhers to the prosperity gospel.
You can not opt out for economic reasons. If that is the reason, you are a lier if you sign your name
Not really
Don’t stop paying SS, my husband did that and became disabled many years later, he lost his ability to collect disability from SS. We are up a creek !
hope you guys are able to get through this. I just kinda wonder if there will be any ss to collect once I get to that age or if all the money that i pay into ss will be gone by then.
@@kuryanthomas1438 all the money won’t be gone but it’s more realistic that you won’t get back 100% of what you put in
Except, there is no Social Security!
Hi Gail, did your husband purchase Long Term Disability Insurance to cover this situation? What about Life Insurance? So many people think it will be the other guy, not them, that will find themselves in this situation. Have you worked & kept paying into Social Security to have the Disability protection for yourself?
I guess you didn’t listen to what Dave said at ALL, you have to cover your bases yourself with supplemental insurance if you opt out if your husband didn’t do that was his mistake.
Ha. I work in academia and I don't even have a choice. I pay into a teacher's retirement system. No SS. Not that PSRS is a bad thing, but there is no choice either. Of course I don't qualify for any type of SS benefits either. That's fair though. So if you are young and orienting on your career and don't WANT to pay into SS, becoming a public school teacher (or work in higher ed like me) should be on your bucket list
I'm bringing a metal detector and a shovel to dave's house.
That statement at end by Ken was priceless.
Call me old fashioned, but paying taxes, including social security, is patriotic and the Christian thing to do to benefit your fellow man. IMHO Christianity is not a self-centered way of life. I will gladly admit, however, that Dave is right about the math.
Agree with you completely.... We are stronger together....
The math for being against good safety nets does not add up. If it's for welfare or health insurance. Not having good safety nets will cost a society far more down the line in policing, prisons and mental health problems. The best society to live in, is one that takes good care of it's weakest members.
@Bertuz, I completely agree! There are bigger implications to consider than just personal finance.
Paying taxes doesn't benefit anyone except the military industrial complex. So unless your idea of benefiting your fellow man is bombing brown people overseas then you are wrong.
A sandwich to a homeless man is a direct 100% efficient benefit if you are so inclined. Taxes are theft.
Nice video!
I wish I could opt out of Social Security. You are much better off with out it.
Become a public school teacher. No SS, but PSRS instead.
No one wants to be a school teacher that cares about money
all you need to do is join a Mennonite church established before 1950
and have a clergy member to sign form 4029
Dave laid it out correctly, but only a very few outliers would be disciplined enough to do this. Private disability insurance is very expensive. If you conscientiously object to contributing, you should also conscientiously object to taking if you find yourself in need.
there going to raise the retirement age to 85 anyway, or it is just going to collapse under it's own weight from all of the fraud and illegals going straight to the social security offices then working under the table
Difference is ssi is much more supportive in disability. Ltd is impossible a majority of the time w private companies.
I’m retired so don’t need LTD.
I am not so sure I agree that you never get out what you put into it. At 52, when I look at my contribution, and what the SSA website says I would receive, I would get back a whole helluva lot more than I ever put into it, and it wouldn’t take that long to “break even” so to speak.
This, of course assumes I live to collect.
I understand I could keep the money and invest it myself, and it MAY grow to be more, based on past performance only since no one can see into the future. and if I die it goes to my family. If ya die younger and have minor kids, SS goes to your family too. So I am just not convinced you never get back what you put into it. Maybe “you never get back, the potential returns that you could possibly make” is the better way of saying it.
This was very helpful. Thanks
It's "social" security. It's a supplement designed to cover up to one third of income during retirement.
It's basically idiot proof insurance to prevent destitution. Because most people are financially stupid and let new cars and big homes destroy their retirement.
What people can't seem to understand is when you opt out of social security you pay full out of pocket premiums for disability and medicare/healthcare as well.
There is zero backup if you fail to have sufficient funds for retirement and survivor spousal benefits.
Many pastors learned this the hard way.
Already retired at 49. I save and invested not including social security and pension in my plans even though I get $2400/mo. pension and $3200/mo. social security later. Prefer enjoying life than worry about getting back what I put in, breaking even,and dying.
I'm not broke.
That's not true for everyone, though. For instance, African American men born after 1959 are virtually guaranteed a negative return (due to shorter life expectancy). The point is that people are always going to be stupid, irresponsible, or just plain unlucky-and you inevitably have those people that retire with no other savings and try to live off of Social Security. At least if it had been invested in something that produced any kind of decent rate of return, those trying to live off of it would likely be a bit better off.
It's good that the wife is concerned. There are a lot of women who are gonna be in financial trouble when they become seniors from lack of financial planning.
My coworker single w/ children refuses to contribute to her 401k, & wants to become self employed. I guarantee you she won't save for her own retirement then either.
A lot of women expect prince charming to save them. But life is long. A marriage can end in divorce, or prince charming may never show up. And a senior woman in this predicament is in a bad situation with only social security to rely on. And only having social security to rely on is not enough to live on.
By the time he add up all the cost of opting out of social security he will be behind the ball. Most people get way more than they pay in. If he lives to a ripe old age or 90 he will be so far ahead with SS it will make his head spin.
They forget about having to pay their own healthcare including disability as well when opting out which means paying full Medicare premium or private insurance.
This is one of those decisions that should be made in high school and even that may not be enough.
Because like what people always selectively say on here ..”stuff happens”.
Wait a minute. Does he have to sell the car?
Love Dave, but his reason for objecting (he mentions stewardship) is not what the law allows. The law states a minister can opt-out only if they are "religiously opposed to accepting public insurance", and that's the only reason. I had the opportunity to opt-out, and wanted to, but could not in good conscience choose to do so based on biblical reasons, especially in light of Romans 13 (and other scripture) commanding believers to pay their taxes.
How do you opt out of social security? I'd do it in a heartbeat.
Only if u are a follower of god
Only certain jobs you can opt out like being a pastor
Become a public school teacher. They don't pay into SS, they pay into their teacher's retirement system. On top of that, open a ROTH IRA and put in, say $100 a month into two solid mutual funds ($50 each) and let it grow. At 59.5 you can withdraw tax free.
@@mathisnotforthefaintofheart or not, I collect a State pension and SSA, depends on the State.
In my State, Police and Fire opt out
@@mathisnotforthefaintofheart where do you find $50 mutual funds? I only see $2-3k ones
Fun fact, if you are a Mennonite or Amish you can also opt of social security on religious grounds. I learned that while talking to a fellow accountant who was a Mennonite, I've never been so jealous in my life!
Should I opt out of a the greatest Ponzi Scheme ever created? Absolutely!
all you need to do is join a Mennonite church established before 1950
and have a clergy member to sign form 4029
Seeing only the title, is opting out an option
Not for most people.
I would opt out today if given the choice.
@@brandonmc01 same
It's an option for EVERYONE
all you need to do is join a Mennonite church established before 1950
and have a clergy member to sign form 4029
Criminals watching this when they heard him say he buries coffee cans. “I’m going to Dave Ramsey’s house”.
“NOT”
“...never mind”
Women want and need financial security. The best thing for the wife to do if she wants social security is to get her own job that contributes to social security.
She can use some of her income to pay for the long term disability insurance because that's gonna be expensive. Also they can fund Roth IRA retirement accounts.
I go to Catholic Church. About once a year they ask us for a special donation for nuns and priests who never paid in to SS
I guess they think god will look after them
Money is everything.
used to be ya “took care of your own.”
families/communities. ie: the Catholic Church community.
Today- some think “take care of everyone.” which no one can. not a single person can “take care of everyone.” and since those folks don’t like the “take care of your own” saying, they let a lot of people fall thru the cracks and don’t take care of anyone at all, including themselves.
The church is asking for VOLUNTARY giving. Tons of folks believe in forced theivery instead.
@@PK-zb6wh
Family first.
SSI is running out of money and barely had any in the first place. We’re paying SSI and won’t even have it by the time it’s time to pull from it. May as well opt out and cover yourself since “you got to do that anyway.”
I wish more people had that option or at least to be able to pull whatever we put in and the returns it made.
Just a clarification: SSI usually stands for Supplemental Security Income, which is welfare. SSDI is Social Security Disability Income. The retirement benefits are just called Social Security benefits. SSI and Social Security benefits are not paid from the same source.
there are several loop hoiles to opt out
one being if you are a state government employee with a pension
and 2) joining a Mennonite church established before 1950
and have a clergy member to sign form 402
does anyone know what social security was for. should still be the way it was supposed to be for. Its for the people who worked and paid taxes and social security tax each paycheck into it. but these politicians criminals decided to give it to anyone who they think needs help. bullshit these politicians are criminals its not their money to be giving it away. PLEASE PEOPLE PAY ATTENTION TO THE WHOLE PICTURE. AM A DROP OUT OF SCHOOL. AND I KNEW BACK IN 1973 IF I DROPPED OUT AND WENT TO WORK I WOULD BE ABLE TO RETIRE EARLY. I GOT MARRIED IN 80 MY BROTHER IN LAW WAS A LOSER WOULD GO TO JAIL WHEN HE GET OUT THEY WERE GIVING HIM SOCIAL SECURITY CHECKS EVERY MONTH. HE NEVER WORKED A DAY IN HIS LIFE. THESE POLITICIANS CRIMINALS HAVE BEEN GIVING OUR MONEY AWAY TO LOSERS WHO LIVE OFF US WORKING PEOPLE. WHEN IS enough going to be enough. we can't get ahead because of these politicians criminals. they are and have been stealing our money. its the working people money in social security. and if it was used the right way it couldn't run out of money. cause the people paying into social security will be the only ones taking it out. working people paying into it. STOP SAYING IT IS SOMETHING ELSE. STOP GIVING SOCIAL SECURITY TO PEOPLE WHO NEVER WORKED AND PAID TAXES INTO SOCIAL SECURITY. ITS COMMON SENSE
one small correction, if you have your 40 quarters paid into social security you will collect social security no matter if you opt out or not. So if you have 10 years of payments to social security, you can opt out as an ordained minister and you will still collect social security. I know several pastors who had opted out and are now collecting their benefits on work outside of their ministerial income. you must opt out in the first two years of making at least $400 as an ordained minister. Ministers are the one and only profession that can opt out, farmers used to be able to but no they cannot. As well certain religious sects can opt out too. there is a special social security form to do so form 4361 and even the social security bureaucrats do not know that you can opt out of it. sincerely a Pastor.
the best way to retire is A) have your house fully paid off. B) getting social security income. C) have a well funded 401k.
Somebody is going to have to explain to me how SS is a negative return when my mother has been collecting SS benefits now for more than 35 years?? She worked from age 24 to age 62....she is now close to 90. She never made more than $35K per year in her life. So, she worked 38 years, and has now collected for almost as long. So many things don't make sense. I belong to a union as a teacher, and will be retiring with a pension...but my mom hates unions and has constantly advised me to quit my union and invest the savings etc....yet I will retire with almost 90% of my income?? That's because my union worked for this. I believe in personal responsibility, and have invested in other things as well...we have a rental even. Why can't we do all these things? Why only 'personal' things? What happens if your investments don't go as planned? etc....this is an honest question, not an attack.
What? That’s terrible advice. The more you put into social security the more you get back.
not if you're younger than 35
That is a joke for anyone currently not receiving social security.
So I just realized that my dad was getting $1400 a month because my mom died when I was five and my brother was three and got that until I was 18 years old. I’m killing myself just thinking if he was putting $100 a month starting at age 5 nevermind
After listening to this. Is this even the best thing for this guy to do?
Depends on if you can afford to save and pay for your own survivor,disability,Medicare,and supplemental security income because they give this up when they opt out.
Also people forget(or most don't even know) that their employer also pay equal amount to social security each paycheck as well on your behalf.
🚨If you current income is not much for you cashing out of social security won’t do much, don’t touch if you don’t need it
My father retired from the Alaskan Railroad during his employment he opted out of Social Security.
Social Security is insurance, it's your call if you want to pay the insurance or not
IT is not Insurance. It is a Tax.
You get to opt out of insurance. Almost all Americans are unable to opt out of SS.
@@RusskiCommieBot Watch the video, in his particular situation it works as an insurance more than anything else and his wife's argument to keep it is about the insurance aspect.
@@arga400 So then buy less expensive insurance.
It's complete BS that you can only opt out of social security for religious reasons. Whatever happened to equality for all regardless of religion? Separation of church and state?
Opting out of social security for religious reasons?! Crazy.
As Mr. Ramsey stated, this exemption by way of religious objection ONLY APPLIES to persons professionally in ministry, it does not apply to everyday people sitting in the pews of a church. Churches/leaders are not as independent as you might have presumed because they must tow the government's line if they want to maintain their preferential status.
@@jeromehenry4484 I know what he was saying. It’s still crazy.
all you need to do is join a Mennonite church established before 1950
and have a clergy member to sign form 4029
Social security is social solidarity. Everyone who doesn't need it hates it, but may need it one day nevertheless.
And it's projected to be insolvent in 2032. Meaning, it won't be there for people like me who have paid into this their entire lives when it's my time to collect.
It's a Ponzi scheme at scale, which you can't opt out of usually. This guy is so freaking lucky you can't even understand. Stop regurgitating the indoctrination
Welcome to the 21st century. Get rid of those ridiculously huge headsets strapped to your head.
No house or car note + 60k a year (between two accounts) is not exactly "eating Alpo"
Try to spend 60k a year on a few small bills and recreation.. I don’t think I could.
@@taylorbarnard4880 geesh your recreation is expensive. I can pay all my bills on 30k. Of course I'm debt free 🤷♂️
@@Sexy40baby1 no, I mean I don’t think I could spend 60k a year if I tried. That is a lot of money.
Not sure how I feel exactly about this advice. I think it's easier today to invest than it was 10-15-20 years ago with the Internet making a lot of investment info accessible. I'd rather pensions returned for most employers, but since that's never going to happen 401ks and SS are what most will be turning to when they can no longer work. Having a bigger check to invest would be great, but I'd be worried that I would become senile when elderly and get conned decades from now and not have any safety net (sadly, it happens all the time!). SS/SDI is that safety net for a lot of people, even then ones that had a good grip over their finances until one day something catastrophic happens, etc. For sure though, SS shouldn't be relied upon 100%, but it's like another egg in a diversified portfolio basket should everything else not come through when you need it most.
What people don't understand is that social security is the safety net.
If people would volunteer at their local food bank or Meals on Wheels and talk to these elderly people they will see this.
Dave’s wrong. Pay your taxes children.
all you need is a Mennonite clergy member to sign form 4029
but it has to be from a Mennonite church established before 1950
Most young people already realize social security is a ponzi scheme.
Guess I'm gonna be a pastafarian pastor now
I want to forfeit what I gave now at 30 just to opt out of social security and not pay anymore
You can opt out. Form 4361 it says members of religious orders.
I wish i could opt out. One i was told id never see it so worst investment ever. Then if i die my spouse may not get any of it. Chances are i wont get back what i put in. SOCIAL SECURITY IS WORST INVESTMENT EVER
It is a tax, not investment.
This would make me very nervous to do so. You don’t know what down the line might happen.
Save the money yourself
@@callmeosho7792 as long as he does exactly what Dave says he will be fine.
@Ryan Roach what does this have to do with either a democratic or republican. I am simply stating that I saw people who I personally know that if it wasn’t for social security they would be in the streets . Not all people are good with saving money. Some people make bad decisions and loose their savings. I know people who only get 1k a mon in social security and live a great life overseas that’s all!!! So before who you judge about who I voted for stop and think for a bit. Not everyone starts saving in their twenties.
@Ryan Roach why must you political nutcases be so juvenile?
You don't know what'll happen even with social security.
However, evidence seems to suggest we're better off without social security and better with planning our retirement.
If we are religious could we apply for the same exemption? We have the same beliefs…
form 4029
need to join a Mennonite church established before 1950
You will also not qualify for Medicare at 65 if all of your earning are from ministry and you choose to opt out. I have several ministers I work with that are working well into the 70s and even 80s because they can’t afford the high cost of Medical insurance for people that age who don’t have Medicare.
Give to Caesar what belongs to Caesar Pharisee.
Remove tax advantages on churches and the ability to opt out of SS. Long time coming
good luck. took the amish and Mennonites 40 years to get the exemption. don't force us to board your sinking ship
What about the money he has already put in?
Stephen, Those of us who have opted out don't get that back (unless we already passed our period of time worked qualification that the Social Security system requires to be eligible for benefits). For me, I haven't met that time period, so I won't get that money back at all. But I'm not that sad about it.
It will be rotated in to a slush fund to fund agencies destroying your liberties, bombing children in foreign countries or funneled to special interest groups for political favors aaaaaannd its gone.
Why is this only an exemption for pastors? What is it about pastors that allow them to take this us exemption.
My plan is to keep loading up my TSP and IRAS and live off that during retirement and whatever money SS gives me, go buy more guns and ammo with.
You can also choose to not receive that money. The sad truth is some people out there (some because they're dumb and some because they were in a tough situation) couldn't save much for retirement, and they need SS to live off of
Short answer. Yes. Everyone should.
Thoes w words make me laugh😂
The thing about social security is it is a safety net that is guaranteed. What if all your investments go wrong. You pay more to be sure and that money doesn't run out until you die. Its a great supplement. My dad just retired and he has a pension from his job, another pension from a union, and social security. That extra money could cover so many things but it is not enough to live off of.
Guaranteed Safety Net ? That's what they thought in Greece and Sweden . Both systems were scrapped and reformed because they became unsustainable , just like what they are predicting here in the U.S The idea is good , but the design and outcome are not. Why are some teachers , civil servants and rail road workers are exempt ? They know they can take the same 12.4 % SS investment and do much better with it.
As Tommy Boy would say, all you got is a guaranteed piece of sh*t.
@@jaimeavakarianvillamonte744
That 12.4% won't include the company match on your behalf.
@@jaimeavakarianvillamonte744 It’s a good system for the average Joe. Obviously if you’re an expert on investing you don’t need it 100%. I would be curious to know if bill gates accepts his checks even with all his wealth lol. I believe they still get it regardless of income since a certain amount of their money is taxed I think up to 250k a year can be taxed. (a percentage of the 250k not the full amount)
@@SuperDannyrulez even if bill gates accept the social security check, he probably cashes it and sends that amount plus more right back out to federal taxes.
I wish we could all opt out of the system.
It's theft.
Caller "I'm in debt" Caller "I'm a numbers guy"
How do you just throw shade at Chris like that
What did you do to become economical intelligence?
Why do you think only a few are able to teach people about money?
You were given the gift.
Nothing goes with us in the end?
I don’t know if I ever clicked on a vid so fast…
I wouldn’t hesitate to opt out of social security, it’s such a joke. The amount of money that comes out of my check would turn me into a millionaire pretty easily by retirement age. It’s a broken system that supports lazy people!
I would totally opt out if I could as well.
6.2% isn’t much. and your investment is not a given. you assume your investments will do what historically they have done. it doesn’t mean they will, they could just as easily do terrible. no one can see into the future.
@@PK-zb6wh
Also stuff happens like marriage,kids,divorce,health,etc
And without social security the disability and healthcare/Medicare later is 100% out of pocket expense with zero supplement.
@@PK-zb6wh its effectively >15% including the medicare portion. You're paying for it indirectly through your employer, or the directly if your self employed.
all you need is a Mennonite clergy member to sign form 4029
but it has to be from a Mennonite church established before 1950
How do you do it?
there are several loop hoiles to opt out
one being if you are a government employee with a pension the state may not withhold SS taxes if they do not participate
and 2) joining a Mennonite church established before 1950
and have a clergy member to sign form 402
I've been listening to Dave's show and enjoy it but he really doesn't understand how social security or defined benefit pensions work. I don't understand his comment " if you die, they keep your money" . What if you die at 90 after having collected benefits for 25 ywars? Are they still keeping your money? Consult with an expert on pension matters and not Dave.
I believe he’s referring to dying before the break even point. Then they keep your money.
This was interesting for people even if they are not pastors... where does this insurance fit on the baby steps ?
It won’t.
When opting out of social security you will be responsible for 100% income for retirement and funding your own healthcare/Medicare,disability,snd lifetime spousal support.
@@blackworldtraveler3711 So it's an essential, I guess, like rent.
This is one of the Ramsey videos, where I go straight to the comments section. In order to find better wisdom, then the actual video.
I don't knock that the advice fits the caller, but for like 95% of everyone else. Can tune out for 85% of the video and still something out of it.
Pastors should also opt out of getting paid. All these hypocrites, Jesus never took a salary. Dave's the biggest hypocrite of them all
How did you get from point a to point b!?
@@Th3AngryPooch In the New Testament, the Apostles' & Jesus' professions are mentioned. There is no indication that any of the Apostles or Jesus came from the Levites. The Apostles/early church did not beg for alms/donations from believers, though some were generous to the cause. Paul advised to work and not be a financial burden to potential converts.
@@jeromehenry4484 A pastor may beg, but the folks get to choose whether they give or not. No one imprisons them for choosing not to give.
Not alpo 😫🤣
Think
Some people can’t get disability insurance .
Anyone can buy disability insurance.
Dang it, I wanted to opt out but I can’t because I’m not religious. Furthermore, it would not apply to any non-religious related income.
GOSH FRIGGIN DANG IT
There’s a reason pastors are desperate for money in the church.
You need to pay for their Medicare.
if you work for an exempt employer, 4029 allows you do avoid the tax
Great information
Wish I could opt out
Tax the church
5:12 He beat me to it.