4 ms·
They've been around since the 70s. I think they've got the forward planning thing down.
by s73v3r_ 8y ago
They've been around since the 70s. I think they've got the forward planning thing down.
- fernly 8y agoSource? Edit: the site (https://www.eastwindblog.co/?page_id=56 https://www.eastwindblog.co/?page_id=56) says "founded on May 1st, 1974" Anyway, if so (and certainly similar communities were a thing then), some of the founders from then must be 70+ by now. Were those people eligible for Social Security when they passed age 65? i.e., after 40+ years of employment by an organization that doesn't pay FICA or file W-2's -- or do they? And if they do, why isn't that mentioned in an article on the "economics" of the organization? https://www.thebalancesmb.com/what-is-social-security-tax-oasdi-398380 https://www.thebalancesmb.com/what-is-social-security-tax-oa...
- mercutio2 8y agoEast Wind, and most income-sharing communities, are 501c6 non-profits, which are organized like a monastery. They pay income tax on the community's income, which is evenly distributed (for taxation purposes, not as actual outlays) to each member, but is not considered wage income, and thus isn't Social Security income. Since people's taxed 501c6 income generally doesn't require Social Security payments, it's possible to not be eligible for SS at retirement age, but many people worked enough quarters before joining a community, and their SS benefits are contributed as income to the community when they retire.