skipro33
Thinks s/he gets paid by the post
My son, who is 38 years old, is a dean at a private Christian university in California. They recently implemented a match fund 401K plan and he was told he could opt out of paying into Social Security. When he told me, I said he really needs to think this through before making that sort of decision. He's paid into SS since he was 17. He worked 6 years in New Zealand before returning to California about 3 years ago when he got a job at the university as a director, then later promoted to dean. The university is funding his doctorate program he's enrolled at UOP. He's on track for a vice presidential position, or so it seems.
I don't really know much about his income but I do know he's VERY LBYM and is good at saving. He bought a house soon after returning to California from NZ, has a wife who is a public school teacher, 3 kids, adopting a 4th and adding onto their house with about 800 additional square feet. He's also an associate pastor at a local church. He says this position affects his taxes, although I am not sure why. Maybe clergy get tax breaks on housing or such?
Any thoughts or recommendations on dropping or hanging on to SS I can pass along to him?
I don't really know much about his income but I do know he's VERY LBYM and is good at saving. He bought a house soon after returning to California from NZ, has a wife who is a public school teacher, 3 kids, adopting a 4th and adding onto their house with about 800 additional square feet. He's also an associate pastor at a local church. He says this position affects his taxes, although I am not sure why. Maybe clergy get tax breaks on housing or such?
Any thoughts or recommendations on dropping or hanging on to SS I can pass along to him?