Do Billionaires Still Collect Social Security? The Answer Might Surprise You.

Although it may be difficult to imagine someone like Jeff Bezos or Elon Musk collecting a monthly Social Security benefit, they are legally eligible to do so. In fact, millionaires and billionaires are eligible for the highest monthly benefit -- currently $4,152 if they claim at age 67. If they choose to maximize their benefits by waiting until age 70 to collect, they will receive $5,181, although that number will increase in time with annual cost-of-living adjustments.

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The Social Security Act

The Social Security Act was signed by President Franklin D. Roosevelt in 1935. Social Security taxes were first collected in 1937, and regular monthly benefits began in 1940. Originally, the Social Security Act of 1935 was called the "Economic Security Act." It's safe to say that congressional members probably didn't picture billionaires receiving a benefit intended to "provide immediate assistance to destitute aged individuals" or "assure workers that their years of employment entitled them to a life income."

The $184,500 limit

It's easy to assume that Congress never imagined there would be 24 million millionaires and 935 billionaires in the U.S. by 2025.

Still, billionaires are legally entitled to Social Security benefits. And that's because billionaires pay into the system. Like any other Social Security recipient, they must pay Social Security taxes on the first $184,500 of annual earnings.

Because the Social Security trust fund is expected to run dry by late 2032 or early 2033, some members of Congress, think tanks, and senior citizen advocacy groups are working on potential solutions. One of the most common suggestions is to raise the $184,500 taxable maximum so that wealthier Americans pay more into Social Security. Whether that suggestion will find its way into the any congressional proposal remains to be seen.

The same rules apply to all Social Security recipients

To collect Social Security benefits, billionaires must meet the same requirements as all other claimants. For example, they must accumulate 40 work credits, which equals roughly 10 years of work. And as mentioned, they're limited to the same maximum monthly benefit as everyone else.

There's no way to guess which billionaires will collect Social Security benefits and which will pass up the opportunity to do so. What we do know is that they're currently entitled to the same benefits as a worker earning millions, billions, or much less.

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