Can't You Opt Out of Social Security with a Bond?

Question

I believe somewhere, I heard that if you bonded yourself for around $100,000.00 you could notarize this and send evidence of such to the I.R.S. and thereby declare yourself exempt from both social security and state requirement for you to purchase private car insurance.

I do not personally make $100,000.00 a year, but working on it, but I was listening to a program which claimed that if you file with the I.R.S. and bond yourself, you can be exempt from all socialism programs, now put forth by the government.  The program also claimed that with the same bond you could insure yourself against any possible car collision liabilities, i.e. not be forced to purchase privatized car insurance.

If you have any exact information, I would be much obliged, and please site your references, so that I might peruse it at my leisure.

Anonymous · Answer

The only people who can opt out of social security are certain relgious sects and ministers who have a religious objection.

Self-insuring for car insurance (which is what the bonding is) may be available in your state, but not all states offer it.  It appears the bonds are intended for dealers.

InspectorBudget · Answer

I do not think that such a plan exists,  but the IRS has so many rules and regulations,  this might well be a forgotten thing.

Your best bet is to call the IRS and ask them.

But,  I really doubt that such an option exists, or I would have heard about it by now.

David14 · Answer

No offense, but that's totally ridiculous. However, some states (not all) will accept a bond in lieu of car insurance. However, this is a very bad idea.

Anonymous · Answer

No. SS is mandatory.  Your talking about Auto Insurance

b29349 · Answer

call the 800 to IRS.gov and ask. I think you can do something like this if you are self employed. otherwise - not.

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Can't You Opt Out of Social Security with a Bond?

5 Answers