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Has anyone??????? |
sheepdogandy |
Opted out of Social Security? _________________ Charles A. Hutchins
Senior Pastor SPWC
Congregational Church of God
www.spwc.church |
Hon. Dr. in Acts-celeratology Posts: 7294 5/11/18 5:18 pm
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Old Time Country Preacher |
Ma cousin, Lem, opted outta payin income tax fer a few years.
Course, after at little stint in jail, ole Lem is payin his taxes right regular like. |
Acts-pert Poster Posts: 15559 5/11/18 5:28 pm
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sheepdogandy |
I can imagine.
I was told a fellow minister had opted out.
I could not see how he did that? _________________ Charles A. Hutchins
Senior Pastor SPWC
Congregational Church of God
www.spwc.church |
Hon. Dr. in Acts-celeratology Posts: 7294 5/11/18 5:35 pm
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Old Time Country Preacher |
sheepdogandy wrote: |
I can imagine.
I was told a fellow minister had opted out.
I could not see how he did that? |
There was a window of time several years ago when ministers could "opt out" of paying social security on their ministry income. It was only for ministry income. I don't know that it can be done anymore. |
Acts-pert Poster Posts: 15559 5/11/18 6:03 pm
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Mat |
Old Time Country Preacher wrote: | sheepdogandy wrote: |
I can imagine.
I was told a fellow minister had opted out.
I could not see how he did that? |
There was a window of time several years ago when ministers could "opt out" of paying social security on their ministry income. It was only for ministry income. I don't know that it can be done anymore. |
I think those who never held a secular job wished they had not done that. It may have worked well for bi-vocational pastors, but you got to get your time in for both Medicare and SS benefits. Every other year my wife and I get our a notice of our qualifications for both, and even with retirement accounts, I wonder if Walmart will hire me when I retire. Even so come LORD Jesus!
Mat |
Acts Enthusiast Posts: 1972 5/12/18 6:59 am
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Cojak |
If a guy/gal is in their 30's and could opt out, it might be a good idea. But for anyone in their 50's and up seems sorta ridiculous if they have paid into SS. I am sure if a person has a great income and knows how to invest he could do better, but not late in life.
I opted in myself. I paid as little as possible and knew my SS would be less than most but I augmented it with rental property over the years. _________________ Some facts but mostly just my opinion!
jacsher@aol.com
http://shipslog-jack.blogspot.com/ |
01000001 01100011 01110100 01110011 Posts: 24269 5/12/18 10:46 pm
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SouthFloridaman |
It’s a risk I may not be willing to take. But then again if social security fails then we may all wish we opted out. |
Friendly Face Posts: 358 5/14/18 3:58 pm
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Link |
Yes, by living overseas for much of my life. It comes with the territory.
Don't they only allow that for clergy whose organizations actually take care of them after retirement? _________________ Link |
Acts-perienced Poster Posts: 11845 5/14/18 11:44 pm
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