Opt Out of Social Security?

Dave explains to John, a full-time pastor, what he should do if he decides to opt out of Social Security.

QUESTION: John asks if he should opt out of Social Security if he’s a full-time pastor.

ANSWER: Pastors can opt out of Social Security on a religious basis.  Under the tax law you can be a conscientious objector.  God clearly tells us to manage our money well and Social Security is not a good money manager, so you have a viable reason for opting out of Social Security. 

If you don’t put your money in Social Security, you have to do the following three things:

1.    You have to save for retirement.
2.    You have to get life insurance.
3.    You have to get long-term disability insurance.

You’ll have thousands of dollars more if you save this way.

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