About

 The Great Social Security Opt-Out

by Damon Gentry

Like almost every American, I have been contributing to Social Security since working after high school.  Each payday, I see the standard FICA withholdings form my paycheck.  And, like most of you, I assume that money will eventually be returned to me upon retirement.  

I've read tons of articles about 'when to begin collecting Social Security'.  They all have information about the size of your benefit based on when you choose to begin collecting; 63 and a half, 66, 70?

I've also been paying close attention to the Social Security Trustees Report. Each year they keep informing our political leaders that around 2035, the money coming into the program won't be enough to pay for the promised benefits that will be going out.  In short, the Social Security program is expected to run out of money.  This concerns me because I'm a Gen-Xer and in 2035, I'll be 65 years of age.  

When the money runs out, there will be 3 primary options:

1. Reduce benefits paid out to beneficiaries (old people).

2. Increase payroll taxes significantly on working adults (younger people).

3. A combination of options 1 and 2. 

All of these options are bad. And yet, no one seems to want to fix this problem they've known about for 30 years.

The purpose of this blog is to raise awareness of an alternative solution.  I call it the Great Social Security Opt-Out.  Read along to learn more (than you probably ever cared) about how we can save(?) Social Security without significant impact to anyone.