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.