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Money and Finances
Reply to "If you could opt out of social security, would you?"
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[quote=Anonymous]First, I would never make a decision whether to become a US citizen purely on tax reasons. Second, there are a lot of other tax issues other than FICA for a resident alien, including estate and gift tax. Third, just taking the question on face value, I would stay in SS/FICA because it's guaranteed as long as you live-- so it's like longevity insurance, and it can be very expensive to get an equivalent annuity payment. It is a myth that SS will not be around in 30 years-- which I think is spread by Republicans who want to undermine the program. The fact is that SS has been about 20-30 years away from "insolvency" for the last 30 years. The actuaries use very conservative calculations in projecting SS. Moreover, even if SS only paid out what it took in, it would still pay about 80% of the expected benefits.[/quote]
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