As an employee of the state of Lousiana, I am allowed to opt out of Social Security. I'm a temporary (2 years or less) employee, therefore my FICA contribution - instead of going to Social Security - goes to a deferred compensation fund. I get to choose from a list of investments (and I would note the selection of low risk funds was much smaller than the selection of higher risk funds). (Permanent employees of the state pay into the state retirement system instead of social security, temporary employees get the deferre compensation fund) The employer match also goes into this fund. I pay 7.5%, state pays 6.2%, for a total of 13.8% of pre-tax income. Is that fair? This means Social Security has less $$$$ to pay current beneficiaries. It also means I could lose the investment through bad luck or poor management - then what happens if I need disability from social security after? It would come out of the not contributor paid welfare disability instead of the contributor paid disability insurance program.