Financial prep - Social Security will dip into its reserves this year

[ATCclears]

aka more expenses than revenue.

Social Security Expected to Dip Into Its Reserves This Year

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[kmk1012]

That figures, I'll have paid into it my entire life and a few years before retirement this... Any way to opt out now so I can better prepare for myself instead of paying for something I will NEVER get any benefit from?

 

[CountryGent]

Any way to opt out now so I can better prepare for myself instead of paying for something I will NEVER get any benefit from?

From what I read, with few exception, the answer is negative. Members of clergy, members of certain religious orders (e.g., ones with a vow of poverty), Christian Science Practitioners, and members of a handful of exempt religious sects that existed pre-1951 (e.g., some Mennonites, Old Order Amish, etc.) can opt out by filing Form 4029.

I have been working since I was an adolescent and I started retirement accounts back in my early 20s. I wish I could have been putting away what they take for Social Security, in addition to my own investing. The fact the system is likely to fail only adds to that wish. Alas, there is no option that I can see to bail.

 

[slimmer13]

From what I read, with few exception, the answer is negative. Members of clergy, members of certain religious orders (e.g., ones with a vow of poverty), Christian Science Practitioners, and members of a handful of exempt religious sects that existed pre-1951 (e.g., some Mennonites, Old Order Amish, etc.) can opt out by filing Form 4029.

I have been working since I was an adolescent and I started retirement accounts back in my early 20s. I wish I could have been putting away what they take for Social Security, in addition to my own investing. The fact the system is likely to fail only adds to that wish. Alas, there is no option that I can see to bail.

Yeah, they won't let the bottom blocks of the pyramid scheme pull out otherwise it collapses faster.

 

[kmk1012]

Thankfully I have about twice my houses value in my IRA now with about 28 more working years to build it up.