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Should I Opt-Out of Paying Into Social Security?

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Tyler, a youth pastor from Texas, is calling into the show; he is a new listener and newlywed as well. They have hit the ground running with the baby steps to knock out his current situation with it. Tyler and his wife have yet to have an actual argument until recently when one popped up, and Tyler wants David to be the tiebreaker. The idea is whether he should get an exemption from social security taxes. His wife worries that if he does this, he could be out of luck if he manages to get hurt and needs the income. Tyler believes being a numbers-minded person; he can make and save more by not doing so.

Dave has a problem here because he believes that they are both right. Dave does think that Pastors should opt out of social security. To do that, he has to submit a form saying he is a consciousness objector, stating he doesn’t believe in the Social Security system. This is only for his Pastoral income, and Dave says he could sign that in good thought. Dave believes that Social Security is a bad investment due to its negative rate of return on average. However, his wife is correct because social security is designed to help you in 3 ways. They are disability, supplement to retirement income, and thirdly if you die, your children retain some of your social security income. He warns you to make sure you cover these three things before you request Social Security Exemption.

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Dave Ramsey is America’s trusted voice on money. 23 million get guidance from Dave’s radio show on Money Talk 1010, his podcasts, and videos. He’s a national best-selling author and has changed over 6 million lives with his guided money plan.

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