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. Image source: Getty Images.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." Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool