Opted out of Social Security________________Charles A. HutchinsSenior Pastor SPWCCongregational Church of Godwww.spwc.church
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Opted out of Social Security________________Charles A. HutchinsSenior Pastor SPWCCongregational Church of Godwww.spwc.church
Ma cousin, Lem, opted outta payin income tax fer a few years.
I can imagine.I was told a fellow minister had opted out.I could not see how he did that________________Charles A. HutchinsSenior Pastor SPWCCongregational Church of Godwww.spwc.church
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!
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 [email protected]/
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________________