Originally Posted by BsmtScrapper
My newly reorganized agency (January we went from Sheriff's Department to Unified Police Department) is considering opting out of Social Security.
We're having a big vote next week. I honestly don't know which way to vote. I'm in the middle of my working career. I have enough years in to still qualify for SS when I retire (if it's still around) and yet not enough to guarantee the maximum payment.
If we vote to opt out, what my agency would pay to SS will go into a 401K type thing. I will get the $$ I pay into SS in my paycheck. Then I have to decide if I want to invest it.
Some of these fools I work with, think it's going to be a raise. Hello? This is your retirement. You can't spend it all.
Yikes! Tough choice. It sounds great as far as investments go, but it sucks if you get hurt. Having worked for the state and not paying into SS for 8 years is what kept me from qualifying for disability after my head injury. When I worked full-time I paid into long-term disability insurance, but that ended when I quit working. In short, I was screwed when I was injured. Just something to keep in mind!