Do Billionaires Still Collect Social Security? The Answer Might Surprise You.
Do billionaires qualify for Social Security benefits? The short answer is yes. Under the current law, an individual's wealth or current income level has no impact on their eligibility to receive a Social Security retirement benefit. In other words, even if you have $10 billion in assets, you could qualify for Social Security as long as you meet the requirements.The only two major factors that govern eligibility for a Social Security retirement benefit include your age and work history. The former is easy: You need to be at least 62 years old to start receiving Social Security retirement benefits. The longer you wait to claim your benefit, the higher it will get, until a maximum age of 70.When it comes to work history, the short explanation is that you need to work for 40 calendar quarters (10 years) in Social Security covered employment in order to qualify for a benefit. However, when calculating your benefit, the Social Security Administration adjusts all of your earnings for inflation and considers your 35 highest-earning years. But even if you haven't worked for 35 or more years, it's important to realize that you're still eligible for some benefit based on your work record.Continue reading
Do billionaires qualify for Social Security benefits? The short answer is yes. Under the current law, an individual's wealth or current income level has no impact on their eligibility to receive a Social Security retirement benefit. In other words, even if you have $10 billion in assets, you could qualify for Social Security as long as you meet the requirements.
The only two major factors that govern eligibility for a Social Security retirement benefit include your age and work history. The former is easy: You need to be at least 62 years old to start receiving Social Security retirement benefits. The longer you wait to claim your benefit, the higher it will get, until a maximum age of 70.
When it comes to work history, the short explanation is that you need to work for 40 calendar quarters (10 years) in Social Security covered employment in order to qualify for a benefit. However, when calculating your benefit, the Social Security Administration adjusts all of your earnings for inflation and considers your 35 highest-earning years. But even if you haven't worked for 35 or more years, it's important to realize that you're still eligible for some benefit based on your work record.
