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

Social Security was created in 1935, shortly after the Great Depression started. It's changed over the years, but the basic goal remains the same. This government program provides financial support, primarily to older adults who are no longer working, ensuring a basic level of income. However, it isn't means-tested.Social Security is a powerful tool for alleviating poverty among the elderly. The basic idea is that people put a small amount of their earnings into the system while they're working and then, when they stop working, they start collecting Social Security payments to support them in retirement.There are some interesting nuances on both sides of the equation. For example, everybody pays into the Social Security system while they're working. However, Social Security taxes are paid on income only up to a certain threshold. In 2026, income up to $184,500 will be hit with Social Security taxes. By contrast, all of your income will be subject to Medicare taxes, a program that provides healthcare to older adults.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool