A coworker of mine was telling me that it was possible to have FICA deductions stopped. Is this true, and if so what are the repercussions? I'm 28 years old and the likleyhood of FICA being there when I am eligible seems slim to none the way things are going. I feel like I could be better off taking the money and investing it in my IRA, or a money market account.

Your friend may be thinking that if you are paid as a contractor (rather than as an employee) your employer is not required to withhold payroll taxes. But then you would be considered self-employed, and consequently would have to pay FICA yourself at twice the usual employee's rate. Some proprietorships and husband & wife partnerships are not required to withhold FICA for minor children on the payroll. Also students in some university jobs may have an exemption. But other than that, there's no way as an employee to get out of having FICA withheld.