Do Billionaires Get Social Security?

The short answer is yes. Even though they don't need the extra income, billionaires can qualify for Social Security benefits when they reach age 62, and many of the richest Americans are currently collecting a monthly Social Security check. However, since Social Security benefits are capped, billionaires don't receive much more from the Social Security Administration than most middle-class Americans.

One key point to be aware of is that Social Security retirement benefits are based on your earned income, such as wages from a job. Many of the wealthiest Americans get their income from passive business activities, or from dividend income on their investments, which is not counted for Social Security purposes.

Image Source: Getty Images.

Continue reading


Source: Fool.com